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The simple interest on ₹P at 15% p.a. for 2 years is ₹300 more than the simple interest on ₹(P + 500) at 12% for 2 years. What is the interest if (2P + 500) is lent for 2 years at 12% simple interest rate?
- ₹1,750
- ₹2,350
- ₹3,480
- ₹4,810
Correct answer: ₹3,480
Solution
Use the simple interest formula SI = \frac{PRT}{100}. The given difference lets us solve for P, and then the required interest is found by applying 12% for 2 years on (2P + 500).
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