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Select the correct answerThe difference between interest received by A and B is Rs. 36 on Rs. 2400 for 4 year. What is the difference in rate of interest?

Question

Select the correct answerThe difference between interest received by A and B is Rs. 36 on Rs. 2400 for 4 year. What is the difference in rate of interest?

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Solution

To solve this problem, we need to use the formula for simple interest which is I = PRT/100, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time.

Here, the difference in interest received by A and B is Rs. 36. This is for a principal amount of Rs. 2400 for 4 years. We need to find the difference in the rate of interest.

Let's denote the rate of interest for A as Ra and for B as Rb. The difference in interest can be written as:

2400 * 4 * Ra/100 - 2400 * 4 * Rb/100 = 36

Solving this equation for Ra - Rb gives us:

Ra - Rb = 36 * 100 / (2400 * 4)

Calculating the right side of the equation gives us:

Ra - Rb = 0.375

So, the difference in the rate of interest is 0.375%.

This problem has been solved

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