Simple interest calculation requires consistent units for time and rate. Converting months to years is essential when the rate is annual. The difference in simple interest is directly proportional to the difference in time periods.
The Simple Interest on certain sum of money for 23 months at the rate of 7% per annum exceeds the SI on the same sum at 7% per annum for 19 months by Rs. 672. Then what is the sum?
Asked in GPSC Prelims CSP 1 2023 · Topic: Money & Banking (Money: Functions, Forms, and Measures of Money Supply)
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