The difference between the simple interest received from two different sources on ₹1500 for 3 years is ₹13.50. The difference between their rates of interest is :
Answer & explanation
Correct answer: option 1
S.I. = \(\frac{P × R × T }{100}\)
⇒ S.I.2 - S.I.1 = 13.50, (principal is same)
⇒ \(\frac{P × R_2 × 3 }{100} - \frac{P × R_1 × 3 }{100}\)= 13.50
⇒ \(\frac{1500}{100}\) × 3 (R2 - R1) = 13.50
⇒ (R2 - R1) = \(\frac{13.50 × 100 }{1500 × 3}\)
⇒ (R2 - R1) = 0.3