The difference between two
interests received from two
different banks on Rs. 4000
for 2 years is Rs. 80. The
difference between their rate
of interest is: *
Answers
Answer:
1st way
As you have not mentioned the type of interest, I take it as Simple Interest
SI = PRT / 100
P = 500
T= 2 yrs
Let Rates of interest be r₁ and r₂
So,
SI₁ = [ 500 * r₁ * 2 ] / 100
SI₁ = 10 r₁
Similarly
SI₂ = [ 500 * r₂ * 2 ] / 100
SI₂ = 10 r₂
So, SI₁ - SI₂ = 2.50
Putting the values, we get
10 r₁ - 10 r₂ = 2.50
r₁ - r₂ = 0.250
Therefore, the difference between the rates is 0.25%
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Solution :-
Let the rate of interest given by 1st bank be R1 and by 2nd bank be R2.
∴ (500*2*R1)/100 - (500*2*R2) = 2.50
⇒ (1000R1)/100 - (1000R2)/100 = 2.5
⇒ (10R1) - (10R2) = 2.5
⇒ 10(R1 - R2) = 2.5
⇒ R1 - R2 = 2.5/10
⇒ R1 - R2 = 0.25 %
So, the difference between their interest rates is 0.25
2nd way
Let the rate of interest given by 1st bank be R1 and by 2nd bank be R2.
∴ (500*2*R1)/100 - (500*2*R2) = 2.50
⇒ (1000R1)/100 - (1000R2)/100 = 2.5
⇒ (10R1) - (10R2) = 2.5
⇒ 10(R1 - R2) = 2.5
⇒ R1 - R2 = 2.5/10
⇒ R1 - R2 = 0.25 %
So, the difference between their interest rates is 0.25 %.
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