The simple interest on ₹1500 is ₹50

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

The simple interest on ₹1500 is ₹50 more than simple interest on ₹1250 in 2 years then find the interest rate per annum.

Options:

20%

15%

10%

Correct Answer:

Explanation:

\(\frac{P\;×\;R\;×\;T}{100}\) = S.I.

ATQ,

⇒ \(\frac{1500 × RT}{100}\) - \(\frac{1250 × RT}{100}\) = 50

⇒ \(\frac{RT}{100}\) × 250 = 50

⇒ RT = 20

⇒ R × 2 = 20 (Here T = 2)

⇒ R = 10%