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Question

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?
  1. ₹ 50
  2. ₹ 55
  3. ₹ 60
  4. ₹ 40


Solution

The correct option is C ₹ 60
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

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