# 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 :

- 0.1%
- 0.2%
- 0.3%
- 0.4%

**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 %.