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The difference between the simple interest received from two different sources on Rs 1500 for 3 years is Rs 13.50. The difference between their rates of interest is :
  • a)
    0.1%
  • b)
    0.2%
  • c)
    0.3%
  • d)
    0.4%
  • e)
    None of these
Correct answer is option 'C'. Can you explain this answer?
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The difference between the simple interest received from two different...
Let rate of interest be R1 and R2
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The difference between the simple interest received from two different...
Given, Principal amount (P) = Rs 1500, Time (T) = 3 years, and Difference in Simple interest (S.I) = Rs 13.50.

Let the rate of interest of the first source be r1% and that of the second source be r2%.

According to the simple interest formula,

Simple Interest = (P x T x R) / 100, where R is the rate of interest.

Therefore, the simple interest received from the first source is (1500 x 3 x r1) / 100 = 45r1 and that from the second source is (1500 x 3 x r2) / 100 = 45r2.

Given, the difference between the simple interest received from two different sources on Rs 1500 for 3 years is Rs 13.50.

Therefore, 45r1 - 45r2 = 13.50.

Simplifying the above equation, we get 3r1 - 3r2 = 0.9.

Thus, the difference between their rates of interest is (r1 - r2) = 0.3%.

Hence, the correct answer is option C, 0.3%.
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The difference between the simple interest received from two different sources on Rs 1500 for 3 years is Rs 13.50. The difference between their rates of interest is :a)0.1%b)0.2%c)0.3%d)0.4%e)None of theseCorrect answer is option 'C'. Can you explain this answer?
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