Question

amar and anand borrowed rupees 2000 and rs 3000 respectively at the same rate of simple interest for 3 years if anand paid rupees 150 more interest then amar. find the rate of interest per annum

Answer 1

5% is the answer....

Answer 2

Rate of interest is 5% p.a.

For Amar,

Principal (P) = Rs 2000

Time (T) = 3 years

Rate (R) = r % p.a.

We know, Simple Interest (S.I.) = (P × R × T) ÷ 100

∴ SI₁ = Rs (2000 × r × 3) ÷ 100 = Rs 60r

For Anand,

Principal (P) = Rs 3000

Time (T) = 3 years

Rate (R) = r % p.a.

We know, Simple Interest (S.I.) = (P × R × T) ÷ 100

∴ SI₂  = Rs (3000 × r × 3) ÷ 100 = Rs 90r

Given, Anand paid Rs 150 more interest than Amar.

So, SI₂ - SI₁ = Rs 150

⇒ Rs (90r - 60r) = Rs 150

⇒ 30r = 150

⇒ r = 150/30 = 5%

Rate  = 5% p.a.