Quant Exam > Quant Questions > The difference between interest received by X...
Start Learning for Free
The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?
- a)1.5%
- b)2%
- c)3%
- d)2.7%
- e)None of these
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
The difference between interest received by X and Y is Rs.315 on Rs.35...
3500*3/100(R1-R2) = 315
R1-R2 = 315*100/10500 = 3%
R1-R2 = 315*100/10500 = 3%
Most Upvoted Answer
The difference between interest received by X and Y is Rs.315 on Rs.35...
Let's assume the rate of interest for X is x% and the rate of interest for Y is y%.
The formula for calculating simple interest is:
Simple Interest = (Principal * Rate * Time) / 100
Given that the principal amount is Rs. 3500 and the time period is 3 years, we can calculate the interest received by X and Y.
For X:
Interest received by X = (3500 * x * 3) / 100
For Y:
Interest received by Y = (3500 * y * 3) / 100
According to the given information, the difference between the interest received by X and Y is Rs. 315. So we can write the equation as:
(3500 * x * 3) / 100 - (3500 * y * 3) / 100 = 315
Simplifying the equation further, we get:
105x - 105y = 315
Dividing both sides of the equation by 105, we get:
x - y = 3
Since we need to find the difference in the rate of interest, which is x - y, we can conclude that the difference in the rate of interest is 3%.
Therefore, the correct answer is option C) 3%.
The formula for calculating simple interest is:
Simple Interest = (Principal * Rate * Time) / 100
Given that the principal amount is Rs. 3500 and the time period is 3 years, we can calculate the interest received by X and Y.
For X:
Interest received by X = (3500 * x * 3) / 100
For Y:
Interest received by Y = (3500 * y * 3) / 100
According to the given information, the difference between the interest received by X and Y is Rs. 315. So we can write the equation as:
(3500 * x * 3) / 100 - (3500 * y * 3) / 100 = 315
Simplifying the equation further, we get:
105x - 105y = 315
Dividing both sides of the equation by 105, we get:
x - y = 3
Since we need to find the difference in the rate of interest, which is x - y, we can conclude that the difference in the rate of interest is 3%.
Therefore, the correct answer is option C) 3%.
|
Explore Courses for Quant exam
|
|
The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer?
Question Description
The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer?.
Solutions for The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Quant.
Download more important topics, notes, lectures and mock test series for Quant Exam by signing up for free.
Here you can find the meaning of The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice The difference between interest received by X and Y is Rs.315 on Rs.3500 for 3 years. What is the difference in rate of interest ?a)1.5%b)2%c)3%d)2.7%e)None of theseCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Quant tests.
|
|
Explore Courses for Quant exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup