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MAT Exam 2022 Paper

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Question : 92 of 200

Marks: +1, -0

A sum was put at simple interest at a certain rate for 3 years. Had it been put at 1% higher rate, it would have fetched ₹ 5,100 more. the sum is ____

₹ 1,50,000
₹ 1,70,000
₹ 1,25,000
₹ 1,20,000

Solution:

Concept:

The extra interest earned is simply the additional

1\%

per year applied to the principal for 3 years.

Explanation:

Increase in rate

= 1\%

per year.

Time

= 3

years.

Extra interest

= \frac{P \times 1 \times 3}{100} = ₹5100

.

So,

\frac{3P}{100} = 5100

.

Therefore,

3P = 5100 \times 100 = 510000

.

Hence,

P = \frac{510000}{3} = ₹170000

.

Answer:

The sum is

₹1,70,000

.

Correct option: B.

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