If the interest on ₹ 2,400 is more than the interest on ₹ 2,000 by ₹ 60 in 3 years at the same rate per cent, find the rate.

Given: P 1 = ₹ 2,400 T 1 = 3 years Let the rate be . Hence, P 2 = ₹ 2,000 T 2 = 3 years R = r% According to the question, Difference between the two S.I. = ₹ 60 Hence, the rate is 5%.