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.
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,
⇒72x−60x=60
⇒12x=60
x=6012
⇒x=5
∴ Rate = 5%