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The dlfference of Simple interest from two banks for RS.1000 in 2 yr is RS.20.Find the difference in rates of interest.

A) 2%
B) 1.50%
C) 1%
D) 2.50%

Correct Answer:



C) 1%

Description for Correct answer:
According to the question,

\( \Large \frac{1000\times 2\times R_{1}}{100} \)- \( \Large \frac{1000\times 2\times R_{2}}{100} \)=20

=> \( \Large \frac{2000(R_{1}-R_{2})}{100} \)=20

\( \Large (R_{1}-R_{2}) \)=\( \Large \frac{20}{20} \)=1%

Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest

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