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Question

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


A

7.5%

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B

5%

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C

10%

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D

15%

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Solution

The correct option is B

5%


Let the rate be x% per annum

In first case:
P= ₹. 2400
R= x%
T= 3 years
interest=P×T×R100
=2400×x×3100
=72x
In second case:
P= ₹ 2000
R=x%
T= 3 years
interest=P×T×R100
=2000×x×3100
=60x
According to the statement,

72x60x=60
12x=60
x=6012
x=5
Rate = 5%


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