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
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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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