Quantitative Aptitude • Simple & Compound InterestMedium
The simple interest on a sum of money at 8% per year for 6 years is ₹11,520. What is the sum?
A. ₹5,529.6
B. ₹24,000✓ Correct Answer
C. ₹1,44,000
D. ₹35,520
💡 Solution & Explanation
Simple interest = principal × rate × time ÷ 100, so principal = interest × 100 ÷ (rate × time) = 11,520 × 100 ÷ (8 × 6) = ₹24,000. Check: 8% of ₹24,000 is ₹1,920 per year, and 6 years of that is ₹11,520.
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