If the interest on Rs. 800 in 2 years is more than the interest on Rs. 400 by Rs. 40 in 2 years. Find the rate of simple interest.
- 5%
- 6%
- 7%
- 9%
Explanation
P1 = Rs.800
P2 = Rs.400
Time = 2 years
Difference in S.I. = Rs.40
Formula used:
S.I. = (PRT)/100
Calculation:
(P1RT)/100 – (P2RT)/100 = 40
⇒ RT(800 – 400) = 4000
⇒ R = 4000/800
⇒ R = 5%
∴ The rate of simple interest is 5%.
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