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Aptitude question and answer on Simple interest



17
the diffrence between interest received from canara bank and Punjab & Sind bank on Rs. 500 for 2 Years is Rs. 2.50. The difference between their rates is 
A.    1%
B.    0.5%
C.    0.25%
D.    2.5%

Answer : C.  0.25%

Explanation:
\({500 \times R_1 \times 2 \over 100}-{500 \times R_2 \times 2 \over 100}=2.50\)
or  \(1000(R_1-R2)=250\)
or  \(R_1-R_2={250\over 1000}={1\over 4}=0.25\%\)