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What is the simple interest on the sum of Rs. 4,800 at 8.75% p.a. simple interest in a certain time, if a sum of Rs. 4,200 amounts to Rs. 5523 on simple interest at the same rate and at the same time?
1. Rs.1024
2. Rs.960
3. Rs.1512
4. Rs.1012

1 Answer

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Best answer
Correct Answer - Option 3 : Rs.1512

Given:

Principal (P1) = Rs.4200, Amount (A) = Rs.5523

Rate (R) = 8.75%, Principal(P2) = Rs.4800

Formula used:

S.I. = (P × R × T)/100

Where, S.I. → Simple Interest

P → Principal

R → Rate 

T → Time

Calculations:

Let time be T.

S.I. = A - P1 

⇒ S.I. = 5523 - 4200 = Rs.1323

So, 1323 = (4200 × 8.75 × T)/100

⇒ T = (1323 × 100)/(42 × 875)

⇒ T = 3.6 years

Now,

P2 = Rs.4800, T = 3.6 years, R = 8.75%

Thus S.I. = (4800 × 3.6 × 8.75)/100

⇒ S.I. = Rs.1512

∴ S.I. is Rs. 1512.

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