What is the difference between the simple interest (S.I) on a sum of ₹2,000 being calculated at 6% for 3 years and 7% for 3 years?

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Solution

Principal (P) = ₹2,000
Time period (T) = 3 years

$Simple interest (S.I) = \frac{P \times R \times T}{100}$

For rate of interest (R) = 6%,

$S.I = \frac{2, 000 \times 6 \times 3}{100}$

$\Rightarrow S.I = ₹ 360$

For rate of interest (R) = 7%,

$S.I = \frac{2, 000 \times 7 \times 3}{100}$

$\Rightarrow S.I = ₹ 420$

$Difference in simple interest = ₹ 420 - ₹ 360 = ₹ 60$

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What is the difference between the simple interest (S.I) on a sum of ₹2,000 being calculated at 6% for 3 years and 7% for 3 years?

Principal (P) = ₹2,000 Time period (T) = 3 years Simple interest (S.I) = P×R×T100 For rate of interest (R) = 6%, S.I = 2,000×6×3100 ⇒S.I = ₹360 For rate of interest (R) = 7%, S.I = 2,000×7×3100 ⇒S.I = ₹420 Difference in simple interest =₹420−₹360=₹60