Question

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

• A. 7.5%
• B. 5%
• C. 10%
• D. 15%

Answer 1

The correct option is B

5%

Let the rate be x% per annum.

In first case:
P= ₹ 2400
R= x%
T= 3 years
$Interest=\frac{P\times T\times R}{100}$
$=₹\frac{2400\times x\times 3}{100}$
$=₹72x$
In second case:
P= ₹ 2000
R=x%
T= 3 years
$Interest=\frac{P\times T\times R}{100}$
$=₹\frac{2000\times x\times 3}{100}$
$=₹60x$
According to the statement,

$\Rightarrow 72x-60x=60$
$\Rightarrow 12x=60$
$x=\frac{60}{12}$
$\Rightarrow x=5$
$\therefore$ Rate = 5%