What is the Difference between Their Rates of Interest? if

The difference between the simple interest received from two different sources on Rs 1500 for 3 years is Rs 13.50. The difference between their rates of interest is :

  1. 0.1%
  2. 0.2%
  3. 0.3%
  4. 0.4%
Desire Adnan Default Asked on 5th August 2015 in Maths.
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1 Answer(s)

Answer: (3) 0.3%
Explanation:-
Formula-
Simple Interest = P x R x T/100
Where, P = principal , R = rate, & T = time.

Now, According to the question,
1500 x R x 3/100 – 1500 x r x 3/100 = 13.50
15 x 3 x R – 15 x 3 x r = 13.50
45 (R – r) = 13.50
R – r = 13.50/45
R – r = 0.3 %.
Then, the difference their between their rates of interest is 0.3%.

Hence, the answer is (3) 0.3 %.

Anurag Mishra Professor Answered on 5th August 2015.
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