2017 · Q68
The difference between the compound interest and the simple interest for 2 years on a sum of money is Rs. 60. If the simple interest for 2 years is Rs. 1440, what is the rate of interest?
general-mental-abilityquantitative-aptitude
- A41%
- B61%
- C8%
- D81%
Explanation
For two years, the difference between compound interest and simple interest equals simple interest times r/200. So 60 = 1440 × r/200, giving r = 25/3, i.e. 8⅓% – which is option (D).