Question

the difference between the simple interests received from 2 different banks on 2000 for 2 years is 30 the difference between their rat of interests is _____

Answer 1

The difference between the simple interests received from 2 different banks on 2000 for 2 years is 30 the difference between their rate of interest is 0.75%

The difference between the simple interest from two different banks after 2 years with principal 2000 is given as 30.

We will find the difference between the interest rate that was levied on each bank.

What is simple interest?

Simple interest is the interest charge on a given principal amount for a specific period of time.

The formula used to find simple interest :

      $\frac{P\times R\times T}{100}$

Where P = principal amount

           R = Rate

           T = Time.

Consider there are two banks A and B.

Bank A:

Simple interest = SI (A)

Rate of interest = R (A)

Principal = P(A)

Time = T(A)

Bank B:

Simple interest = SI (B)

Rate of interest = R (B)

Principal = P(B)

Time = T(B)

Principal amount P and time T are the same for both banks.

P(A) = 2000 = P(B)  and  T(A) = 2 = T(B).

Simple interest ( A ) = {P(A) x R(A) x T(A)} / 100

= {2000 x R(A) x 2} / 100

= 40 x R(A) ..............(1)

Simple interest ( B ) = {P(B) x R(B) x T(B)} / 100

= {2000 x R(B) x 2} / 100

= 40 x R(B) ................(2)

The difference between the simple interest from two different banks after 2 years with principal 2000 is 30.

We can write it as:

Simple interest ( A ) - Simple interest ( B ) = 30

From (1) and (2).

40 x R(A) - 40 x R(B) = 30

40 {R(A) - R(B)} = 30

R(A) - R(B) = 30 / 40
R(A) - R(B) = 0.75 %

Thus the difference between the rate of interest of the two banks is 0.75%

Learn more about simple interests here:

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