Practicing Success

Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Simple Interest

Question:

The difference between the simple interest received from two different sources on ₹2000 for 3 years is ₹15 . The difference between their rates of interest is :

Options:

0.5%

0.3%

0.15%

0.25%

Correct Answer:

0.25%

Explanation:

S.I. = \(\frac{P × R × T }{100}\)

⇒ S.I.2 - S.I.1 = 15 (principal is same)

⇒ \(\frac{P × R_2 × 3 }{100} - \frac{P × R_1 × 3 }{100}\)= 15

⇒ \(\frac{2000}{100}\) × 3 (R2 - R1) = 15

⇒ (R2 - R1) = \(\frac{15× 100 }{2000 × 3}\)

⇒ (R2 - R1) = 0.25