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The difference between in simple interest on a sum invested of ₹1500 for 3 years is ₹18. the difference in their rate is?
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The difference between in simple interest on a sum invested of ₹1500 f...
Understanding the Problem:
Given:
Principal amount (P) = ₹1500
Time period (n) = 3 years
Difference in Simple Interest (SI) = ₹18

Finding the Difference in Rate:
Let the two rates be r1 and r2.
The formula for calculating Simple Interest is:
SI = P * n * r / 100

Calculating Simple Interest with Rate r1:
SI1 = P * n * r1 / 100
SI1 = 1500 * 3 * r1 / 100
SI1 = 45r1

Calculating Simple Interest with Rate r2:
SI2 = P * n * r2 / 100
SI2 = 1500 * 3 * r2 / 100
SI2 = 45r2

Given Difference in Simple Interest:
SI1 - SI2 = 18
45r1 - 45r2 = 18
45(r1 - r2) = 18
r1 - r2 = 18 / 45
r1 - r2 = 0.4

Conclusion:
The difference in the rates is 0.4 or 0.4%. This means that the two rates differ by 0.4%.
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The difference between in simple interest on a sum invested of ₹1500 for 3 years is ₹18. the difference in their rate is?
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