The difference between the simple interest on ₹5,000 for 3 years and 4 years at the same rate of interest per annum is ₹500. Find the rate of interest.
Show answer & explanation
Correct answer: C
Explanation
Difference between simple interest for 3 years and 4 years = Interest for 1 year
Interest for 1 year = ₹500
Interest rate = (500 × 100) / 5000= 10%