Question : If the simple interest on INR 2,500 is more than the interest on INR 1,500 by INR 360 in 3 years, then find the rate of interest per annum.
Option 1: 11%
Option 2: 9%
Option 3: 10%
Option 4: 12%
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Correct Answer: 12%
Solution :
Let $R$ be the rate of interest.
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}$
Simple interest on INR 2,500 after 3 years = $\frac{2500×3×R}{100}$
Simple interest on INR 1,500 after 3 years = $\frac{1500×3×R}{100}$
According to the question,
$\frac{1500×3×R}{100}$ + 360 = $\frac{2500×3×R}{100}$
⇒ 30$R$ = 360
⇒ $R$ = 12%
Hence, the correct answer is 12%.
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