Discussion
A person took a certain loan from a bank at the rate of 9% per annum. He paid a simple interest amounting to₹2,160 in 3 years. Find the amount of the loan.
Answer: C
The loan is Rs 8,000. Simple interest is principal times rate times time over 100:
\[ 2160 = \frac{P \times 9 \times 3}{100} \]\[ P = \frac{2160 \times 100}{27} = 8000 \]Rs 7,500, Rs 7,800 and Rs 8,400 give interest of Rs 2,025, Rs 2,106 and Rs 2,268 on three years at 9%, not Rs 2,160.
Check: the interest for one year at 9% on Rs 8,000 is Rs 720, and for three years it is Rs 2,160, which matches the figure in the question. Each of the other amounts gives a different interest for three years, so only Rs 8,000 fits.
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