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Question : What will be the difference between the interest on a sum of Rs. 2,000 at 7% per annum for 3 years and that on a sum of Rs. 3,200 at 6% per annum for 2 years?

Option 1: Rs. 36

Option 2: Rs. 44

Option 3: Rs. 30

Option 4: Rs. 40


Team Careers360 12th Jan, 2024
Answer (1)
Team Careers360 18th Jan, 2024

Correct Answer: Rs. 36


Solution : Case I:
Principal = Rs. 2,000, Rate = 7%, and Time = 3 years
Simple interest = $\frac{\text{Principal × Rate × Time}}{100}=\frac{2000\times 7\times 3}{100}=$ Rs. 420
Case II:
Principal = Rs. 3,200, Rate = 6%, and Time = 2 years
Simple interest = $\frac{3200\times 6\times 2}{100}=$ Rs. 384
$\therefore$ Difference = Rs. 420 – Rs. 384 = Rs. 36
Hence, the correct answer is Rs. 36.

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