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The simple interest on Rs. 3000 for 5 years at 3% per annum is Rs. X more than the simple interest on the same sum for 2 years at the rate 4% per annum. Find the value of X.


1. Rs. 210
2. Rs. 220
3. Rs. 420
4. Rs. 110

1 Answer

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Best answer
Correct Answer - Option 1 : Rs. 210

Given:

T1 = 5 years

R1 = 3%

T2 = 2 years

R2 = 4%

P = Rs.3000

Concept used:

Simple interest = (Principal × Rate × Time)/100

Calculations:

For 3 years at 5% 

S.I. = (3000 × 3 × 5 )/100 = 450

For 2 years at 4%

S.I. = (3000 × 4 × 2)/100 = 240

X = 450 – 240 = Rs. 210

∴ The value of X is Rs. 210 

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