Question

The difference between the simple interest received from two different sources on Rs 1500 for 3 years is Rs 13.50. The difference between their rates of interests is 

(a) 0.1% 

(b) 0.2% 

(c) 0.3% 

(d) 0.4%

Answer 1

(c) 0.3%

Let the two rates of simple interests p.a. be x % and y %.

Then, \(\frac{1500\times{x}\times3}{100}-\frac{1500\times{y}\times3}{100}=13.50\)

⇒ 45x - 45y = 13.50 ⇒ 45(x-y) = 13.50

⇒ x-y = \(\frac{13.50}{45}\) = 0.3%