The simple interest on ₹2,460 will be ₹162 less than the simple interest on ₹3,000 at the rate of 5\%$ per annum simple interest. Find the time taken - Quantitative Aptitude MCQ Competitive Exam 2026 | ExamTest.live

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The simple interest on will be less than the simple interest on 5\%$ per annum simple interest. Find the time taken in years.

Solution & Step-by-step Explanation

Let the time period be T years.The formula for simple interest is: SI = \frac{P \times R \times T}{100} According to the question: SI_{3000} - SI_{2460} = 162 (\frac{3000 \times 5 \times T}{100}) - (\frac{2460 \times 5 \times T}{100}) = 162 Factor out the common terms: \frac{5 T}{100} (3000 - 2460) = 162 \frac{5 T}{100} (540) = 162 5 T \times 5.4 = 162 27 T = 162 T = \frac{162}{27} = 6 years

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The simple interest on will be less than the simple interest on 5\%$ per annum simple interest. Find the time taken in years.

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