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Commercial Mathematics (p-2) — Maths (commerce) STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsMaths (commerce)Commercial Mathematics (p-2)2 Marks
Question
Reshma put an amount at simple interest at a certain rate for 3 years. Had it been put at $2 \%$ higher rate, she would have received ₹ 360 more. Find the sum.
✓

Answer

Let $\mathrm{P}$ and $\mathrm{R}$ represent the principal amount and rate of interest p.a. respectively.
Given duration $=T=3$ years
Simple interest $=\frac{\text { PRT }}{100}=\frac{3 \text { PR }}{100}$
Given that, had the amount been kept at $2 \%$ more, then the gain would have been $₹ 360$ more.
$
\begin{array}{ll}
& \text { i.e. } \frac{\mathrm{P}(\mathrm{R}+2)(3)}{100}=\frac{3 \mathrm{PR}}{100}+360 \\
\therefore & \frac{3 \mathrm{PR}}{100}+\frac{6 \mathrm{P}}{100}=\frac{3 \mathrm{PR}}{100}+360 \\
\therefore \quad & \frac{6 \mathrm{P}}{100}=360 \\
\therefore \quad & \mathrm{P}=6000
\end{array}
$
$\therefore$ The sum of money is $₹ 6,000$.

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