Question

If the interest on Rs.2,400 be more than the interest on Rs.2,000 by Rs. 60 in 3 years at the same rate per cent; find the rate.

• A. 2 %
• B. 3 %
• C. 4 %
• D. 5 %

Answer 1

The correct option is D 5 %

Simple Interest $I=\frac{PNR}{100}$

For the first situation, Given,
$P=Rs2,400$
$N=3years$

So, $=>I_1=\frac{PNR}{100}$
$=>I_1=\frac{2,400\times 3\times R}{100}$
$=>I_1=72R$

For the second situation, Given,
$P=Rs2,000$
$N=3years$

So, $=>I_2=\frac{PNR}{100}$
$=>I_2=\frac{2,000\times 3\times R}{100}$
$=>I_2=60R$
Given, $I_1-I_2=Rs60$
$=>72R-60R=60$
$=>12R=60$
$=>R=5$ %