X took a loan from Y on compound interest.
Statement 1:
After 3 years, X paid Rs. 500 as interest.
Interest = Rs. 500
⇒ A =
P(1+)t ,
But principal amount is not given so we cannot find the rate.
Statement 2:
After 3 years, X paid Rs. 1,500 to clear his loan.
Amount = Rs. 1500
⇒ A =
P(1+)t ,
But neither principal amount nor interest is given, so we cannot find the rate.
Statement 1 and 2 together:
Amount = Rs. 1500, interest = Rs. 500
⇒ Principal = Rs. 1000
Hence, rate can be calculated using both the statements together