The difference between the rate of inter

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

The difference between the rate of interest received by A and B is Rs. 40 on Rs. 2400 for 4 years. What is the difference in the rate of interest?

Options:

0.416%

0.25%

0.33%

0.475%

Correct Answer:

0.416%

Explanation:

Difference in SI in 4 years = 40

SI for 1 year = \(\frac{40}{4}\) = 10

difference of rate = \(\frac{10}{2400}\) × 100% = 0.416%