A sum was put at simple interest at a certain rate for 3 years. Had it been put at 2% higher rate, it would have fetched Rs 360 more. Find the sum.

Rs.4000
Rs.9000
Rs.5000
Rs.6000

Correct Answer: Rs.6000

Explanation:

Let sum = P and original rate = R. Then

[(P * (R+2) * 3)/100] - [ (P * R * 3)/100] = 360

3P*(R+2) - 3PR = 36000

3PR + 6P - 3PR = 36000

6P = 36000

P = 6000

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