The simple interest on ₹1500 is ₹50 more than simple interest on ₹1250 in 2 years then find the interest rate per annum.
Answer & explanation
Correct answer: option 3
\(\frac{P\;×\;R\;×\;T}{100}\) = 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%