Question

If the interest on Rs. 2400 be more than the interest on Rs. 2000 by Rs. 60 in 3 years at the same rate percent; Find the rate.

Answer 1

In first case:
P= Rs. 2400
R= x%
T= 3 years
$interest=\frac{P\times T\times R}{100}$
$=Rs.\frac{2400\times x\times 3}{100}$
$=Rs.72x$
In second case:
P= Rs. 2000
R=x%
T= 3 years
$interest=\frac{P\times T\times R}{100}$
$=Rs.\frac{2000\times x\times 3}{100}$
$=Rs.60x$
According to the statement,
72x=60x+60
$\Rightarrow 72x-60x=60$
$\Rightarrow 12x=60$
$x=\frac{60}{12}$
$\Rightarrow x=5$
$\therefore$ Rate = 5%