Quantitative Aptitude • Simple & Compound InterestMedium
The simple interest on a sum of money at 12% per year for 3 years is ₹3,060. What is the sum?
A. ₹8,500✓ Correct Answer
B. ₹1,101.6
C. ₹25,500
D. ₹11,560
💡 Solution & Explanation
Simple interest = principal × rate × time ÷ 100, so principal = interest × 100 ÷ (rate × time) = 3,060 × 100 ÷ (12 × 3) = ₹8,500. Check: 12% of ₹8,500 is ₹1,020 per year, and 3 years of that is ₹3,060.
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