On a certain sum the difference in the compound interest and the simple interest for 2 years at 15% per annum is ₹270. Find the simple interest on the same sum for 5 years at 10% per annum.
Answer & explanation
Correct answer: option 3
Difference between CI and SI = (x% + x% + \(\frac{ x × x}{100}\)% ) - ( 2x% )
= \(\frac{ 15 × 15}{100}\)%
= 2.25%
ATQ,
2.25% = 270
1% = 120
Principal = 100% = 12000
Now,
SI = \(\frac{ P × R × T}{100}\)
= \(\frac{ 12000 × 10 × 5}{100}\)
= 6000
The correct answer is Option (3) → ₹6,000