Question

The difference between the simple interest received from different banks on Rs. 8000 for 2 years is Rs. 20. The difference of the interest rates of two banks in percentage point is

Answer 1

Answer:

Difference between rates of interest is 12.5%

Step-by-step explanation:

Simple interest = (p*n*r)/100

(8000*2*r1)/100 - (8000*2*r2)/100 = 20

160 (r1-r2) = 20

r1-r2 = 1/8

(r1-r2)*100 = 12.5%