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Difference between simple interest and compound interest for two years on 600 Rs at a certain rate of interest is 1.5 Rs. Find the rate of interest.
  • a)
    18%
  • b)
    50%
  • c)
    5%
  • d)
    3%
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Difference between simple interest and compound interest for two years...
Let the principal and the rate of interest be p and r% per annum.
Compound interest − Simple interest 

Alternate Method (short trick)
Difference between S.I.and C.I.=Principal 
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Difference between simple interest and compound interest for two years on 600 Rs at a certain rate of interest is 1.5 Rs. Find the rate of interest.a)18%b)50%c)5%d)3%Correct answer is option 'C'. Can you explain this answer?
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