A person lent certain sum of money at the annual rate of 3 percent on simple interest and the interest received in 25 years is Rs. 600 less than the sum lent. What is the sum lent?

Correct option is B

Given:

- Rate of interest R = 3%
- Time period T = 25 years
- Interest received is Rs. 600 less than the sum lent.
Formula Used:
The formula for simple interest is:
​$$SI = \frac{P \times R \times T}{100}$$​​
According to the given condition:

Solution:
Let the sum lent be P
SI = P - 600
Solution:
Using the formula for simple interest:

The sum lent is Rs. 2400.