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Question
If the interest on Rs.2400 is more than the interest on Rs.2000 by Rs.60 in 3 years at the same rate percent; find the rate.
Solution
In first case :
P = Rs.2400
R = x% (Assume)
T = 3 years
Interest = `("P"xx"R"xx"T")/100`
= Rs.`(2400xx"x"xx3)/100`
= Rs.72x
In second case :
P = Rs.2000
R = x% ....(Rate same as in first case)
T = 3 years
Interest = `("P"xx"R"xx"T")/100`
= Rs.`(2000xx"x"xx3)/100`
= Rs.60x
According to the statement,
72x = 60x + 60
⇒ 72x − 60x = 60
⇒ 12x = 60
⇒ x =`60/12`
⇒ x = 5
∴ Rate = 5%
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