Question

a sum of money was put at simple interest at certain rate for 2 years if the sum had been put at 3% higher rate it would have earned rupees 720 more as interest find the sum​

Answer 1

Answer: 12000

In Simple Interest, Interest is calculated only on the Principle Amount

Time = 2 years

If Interest was 3% higher, total increase in money received = 720

Increase in money per year = 360

Let the sum be x

So, 360 = 3% of x

x = 12000