Arithmetic

Simple & Compound Interest

Easy

The simple interest on a certain sum of money at 5% per annum for 4 years and 3 years differs by Rs. 42. What is the sum?

Rs. 840

Rs. 780

Rs. 820

Rs. 720

✅ Correct Option: 1

The simple interest on a sum of money at 5% per annum for 4 years and 3 years differs by Rs. 42.

The difference between 4 years and 3 years is 1 year. Therefore, Rs. 42 represents the simple interest for 1 year.

Given:

Rate $(R) = 5\%$ per annum

Time $(T) = 1$ year

Simple Interest $(SI) = Rs. 42$

Using the simple interest formula:

$SI = \dfrac{P \times R \times T}{100}$

Substituting the values:

$42 = \dfrac{P \times 5 \times 1}{100}$

$42 = \dfrac{5P}{100}$

$42 \times 100 = 5P$

$4200 = 5P$

$P = \dfrac{4200}{5}$

$P = 840$

Therefore, the sum is Rs. 840.

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The difference between the amounts of compound interest and simple interest on the same amount invested at the same rate for 2 years in Rs. 32. If the interest rate is 4% per annum, calculate the amount invested.(in Rs.)

The simple interest on a certain sum of money at 5% per annum for 4 years and 3 years differs by Rs. 42. What is the sum?

Solution

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