Discussion
How much time will it take for a sum of ₹3,500 to yield ₹70 as interest at 6% per annum simple interest?
Answer: B
It will take 4 months.
Simple interest is P × R × T / 100. With P = 3500, R = 6 and an interest of 70, the time is
\[ T=\frac{70\times100}{3500\times6}=\frac{1}{3}\text{ year} \]
\[ \frac{1}{3}\text{ year}=4\text{ months} \]
2 months would earn 35, 8 months 140 and 6 months 105 as interest.
Per year the interest on 3500 at 6% is 210. A year therefore earns 210, a month earns 17.5 and 70 needs 4 months. The option '6 month' would earn 105 and 8 months would earn 140.
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