If the simple interest on a certain sum of money for 4 years at the rate of 20% p.a. is Rs.6000 less than its principal then find simple interest (in Rs.).
Answer & explanation
Correct answer: option 2
\(\frac{P\;×\;20\;×\;4}{100}\) = P - 6000
⇒ \(\frac{P}{5}\) = 6000
⇒ P = 30,000
⇒ Simple Interest = 30,000 - 6000 = 24000