Question

If the interest on rupees 2,400 be more then the interest on rupees 2000 buy rupee 60 in 3 year at the same rate percent find the rate?

Answer 1

Let the rate of interset be R%.
Time = 3 years

Interest in the first case = (2400 × R × 3) / 100
Interest in the second case = (2000 × R × 3) / 100

[(2400 × R × 3) / 100] – [(2000 × R × 3) / 100] = 60

72R - 60R = 60
12R = 60
R = 5%