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The simple interest on a certain sum at 15% per annum for 5 years is ₹1500 more than the simple interest on the same sum at 12% per annum for the same period. Find the sum.

1. ₹12000
2. ₹12500
3. ₹8000
4. ₹10000

Correct answer: ₹10000

Solution

The difference in simple interest is due to a 3% higher rate for 5 years. So, of the principal equals ₹1500, giving the principal as ₹10000.

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