Simple Interest Ques 2
Question-
Ronnie invested Rs. P in a scheme A offering simple interest at $12 \%$ per annum for two years. He invested the whole amount he received from scheme $A$, in another scheme B offering simple interest $15 \%$ per annum for two years. If the difference between the interest earned from scheme A and B was Rs. 264, what is the value of $P$ ?
(1) 2640
(2) 2500
(3) 2250
(4) 1800
(5) 2000
(IBPS Bank PO/MT CWE (Pre), 16.10.2016 (First Sitting))
Show Answer
Correct Answer: (5)
Solution: (5)
Case I,
S.I. $=\frac{\text { Principal } \times \text { Time } \times \text { Rate }}{100}$ $=\frac{P \times 2 \times 12}{100}=$ Rs. $\frac{24 P}{100}$
$\therefore$ Amount $=$ Rs. $\left(P+\frac{24 P}{100}\right)$ $=$ Rs. $\frac{124 P}{100}$
Case II,
S.I. $=\frac{124 P \times 15 \times 2}{100 \times 100}$ $=$ Rs. $\frac{372 P}{1000}$
According to the question,
$\frac{372 P}{1000}-\frac{24 P}{100}=264$
$\Rightarrow \frac{372 P-240 P}{1000}=264$
$\Rightarrow 132 P=264 \times 1000$
$\Rightarrow P=\frac{264 \times 1000}{132}$ $=$ Rs. 2000
BETA
