Question

if the interest on rs 2400 be more than the interest on rs 2000 by rs 60 in 3 yrs at the same rate percent, Find the rate
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Answer 1

Answer:

In first case :

P = Rs. 2400

R = x % (Assume)

T = 3 years

Interest = (P × R × T)

100

= Rs. (2400 × x × 3)

100

= Rs. 72x

In second case :

P = Rs. 2000

R = x %

(Rate same as in first case)

T = 3 years

Interest = (P × R × T)

100

= Rs. (2000 × x × 3)

100

= Rs. 60x

According to the statement

72x = 60x + 60

⇒ 72x – 60x = 60

⇒ 12x = 60

⇒ x = 60

12

⇒ x = 5

∴ Rate = 5%