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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?
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%
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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%.
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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?
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