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A and B borrowed Rs. 5,000 and Rs. 8,000 respectively at the same rate of interest for 8 years. B paid Rs. 960 more as interest than A. Find the rate of interest.
1. 1%
2. 4%
3. 8%
4. 9%

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Correct Answer - Option 2 : 4%

Given

Time = 8 years

Principal for A = Rs. 5000

Principal for B = Rs. 8000

Formula used

Simple interest = (p × r × t)/100

Where p, r and t are principal, rate and time respectively

Calculation

(8000 × r × 8)/100] =  [(5000 × r × 8)/100] + 960

⇒ (8000 × r × 8)/100] -  [(5000 × r × 8)/100] = 960

⇒ 640r - 400r = 960

⇒ 240r = 960

⇒ r = 4%

∴ Rate of interest is 4%

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