Question

the difference between the interest received from the two banks of Rupees 1500 for 2 years is 7.50. the difference between their rate is?

Answer 1

Let the rate of interest from two banks be r1 & r2 . Interest from 1st bank =(prt)/100                                      =(1500*r1*2)/100                                       =30r1 Interest from 2nd bank=(prt)/100                                     =(1500*r2*2)/100                                      =30r2 According to problem,         30r1 - 30r2 =7.50  Dividing each side by 30,  30 r1/30 - 30r2/30 = 7.50/30 or, r1 - r2 =0.25  

Answer 2

Let the interest rate be R1 and R2.

Bank 1:

Interest = PRT/100

interest = (1500 x R x 2)/100 = 30R1

Bank 2:

Interest = PRT/100

interest = 1500 x R x 2 = 30R2S

Find the difference in the rate:

30R1 - 30R2 = 7.5

R1 - R2 = 7.5 ÷ 30 = 0.25%

Answer: The 2 banks' interest rate differ by 0.25%