Question

The simple interest on a certain sum for 5 years at 6% per annum is Rs. 144 more than the simple
interest on the same sum for 3 years at 8% per annum. Find the sum of money.
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Answer 1

$\textbf{To find:}$

$\text{Sum of money}$

$\textbf{Solution:}$

$\textbf{Simple interest formula:}$

$\text{Simple interest= \dfrac{P\,n\,r}{100} }$

$\text{As per given data,}$

$\dfrac{P(5)(6)}{100}=\dfrac{P(3)(8)}{100}+144$

$\dfrac{30P}{100}-\dfrac{24P}{100}=144$

$\implies\dfrac{6P}{100}=144$

$\implies\dfrac{P}{100}=24$

$\implies\,P=\text{Rs.}\,2400$

$\therefore\textbf{The sum of money is Rs.2400}$

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