The answer of A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.
Let sum = P and original rate = R. Then
[(P (R+2) 3)/100] – [ (P R 3)/100] = 360
3P*(R+2) – 3PR = 36000
3PR + 6P – 3PR = 36000
6P = 36000
P = 6000
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