A and B borrowed RS 3000 and RS 3500 respectively at the same rate of simple interest for 3 years. If B paid RS 150 more interest than A , Find the rate of interest per annum

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Solution

A borrowed $3000$
interest $= r$
B borrowed $3500$
$n = 3$
Interest paid by $B = \frac{p n r}{100} = \frac{(3500) (3) (r)}{100}$
$= 105 r$
Interest paid by $A = \frac{p n r}{100} = \frac{(3000) (3) (r)}{100}$
$= 90 r$
Given, $105 r - 90 r = 150$
$r (15) = 150$
$\Rightarrow r = 10$
$∴$ rate of interest $= 10 %$ per annum.

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