Knowee
Questions
Features
Study Tools

Select the correct answerThe difference between the interests received from two different banks on Rs.500 for 2 years is Rs.25. Find the difference between rates?Options3.60%3.50%None of these2.50%4.40%

Question

Select the correct answerThe difference between the interests received from two different banks on Rs.500 for 2 years is Rs.25. Find the difference between rates?Options3.60%3.50%None of these2.50%4.40%

🧐 Not the exact question you are looking for?Go ask a question

Solution

The difference in interest received from two different banks on Rs.500 for 2 years is Rs.25. This means that the difference in interest rates of the two banks is responsible for this Rs.25 difference.

We know that Interest = Principal * Rate * Time. Here, the Principal is Rs.500 and Time is 2 years. We need to find the difference in Rate.

Let's denote the rates of the two banks as R1 and R2. The difference in interest rates can be calculated as follows:

25 = 500 * (R1 - R2) * 2

Solving for (R1 - R2), we get:

(R1 - R2) = 25 / (500 * 2) = 0.025

To convert this to a percentage, we multiply by 100, giving us a difference in interest rates of 2.5%.

So, the correct answer is 2.50%.

This problem has been solved

Similar Questions

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?Options0.38%1.25%0.43%0.25%

Select the correct answerThe interest on a certain deposit at 4.5% p.a. is Rs. 202.50 in one year. How much will the additional interest in one year be on the same deposit at 5% p.a.?OptionsRs.25Rs.22.50Rs.30.25Rs.52.75

Select the correct answerThe rate of simple interest per annum of bank being decreased from 5% to 3.5%, the annual income of a person from interest was less by Rs. 105. The sum deposited at the bank was?OptionsRs. 6,800Rs. 7,200Rs. 6,000Rs. 7,000

Anil gave Rs. 7000 to Bhawani for 2 years. He also gave rs. 5000 to Chirag for 4 years. The money he gave was on simple interest and at a similar interest rate. The interest rate he received from both of them was rs. 3060. Find the interest rate per annum.Choices:- 0.1 7.5'% 0.09 0.11

A lent 5000 to B for 2 years and 3000 to C for 4 years on simple interest at the same rate of interest and received 2200 in all from both as interest. The rate of interest per annum is?Options7%7.12%10%5%

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.