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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.
<h3>What is simple interest?</h3>Simple interest is the interest charge on a given principal amount for a specific period of time.
The formula used to find simple interest :
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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