The difference between the simple interest received from two different banks on Rs.500 for 2 years is Rs.2.50. The difference between their (per annum) rate of interest is :
Options:
A . 0.25%
B . 0.10%
C . 1.00%
D . 0.50%
Answer: Option A Answer: (a)${500 × 2 × R_1}/100 - {500 × 2 × R_2}/100$ = 2.5where $R_1 & R_2$ are rate% of both banks10 $(R_1 - R_2 )$ = 2.5$R_1 - R_2 = {2.5}/10$= 0.25 % per annum Using Rule 7If the difference between two simple interests is 'x' calculated at different annual rates and times, then principal (P) isP = $ {x × 100}/{(\text"difference in rate") ×(\text"difference in time")}$
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