The simple interest on a certain sum is one-eighth of the sum when the number of years is equal to half of the rate percentage per annum. Find the simple interest (in ₹) on ₹15,000 at the same rate of simple interest for 8 years.
Answer & explanation
Correct answer: option 3
Simple Interest(S.I.)=\(\frac{P×R×T}{100}\)
Let P = 8. then S.I. = 1
Rate of Int. = \(\frac{1}{8}\) × 100 = \(\frac{25}{2}\)%
Total Rate of Int. = Rate × Time
= R × \(\frac{R}{2}\) (Time is half of rate)
\(\frac{25}{2}\) = \(\frac{R^2}{2}\)
R2 = 25
R = 5%
Total Interest for 8 years = 5 × 8 = 40%
Final S.I. = 15000 × \(\frac{40}{100}\) = 6000 Rs