Question

10. What rate gives 280 as interest on a sum of 56,000 in two years? Please answer as fast as possible and please write step by step

Answer 1

Answer:

Rate=0.25%

Step-by-step explanation:

Principal (P) = Rs. 56,000

Simple Interest (S.I.) = Rs. 280

Time (T) = 2 years

Simple Interest = (P×R×T)/100

Rs280 = 56000*x*2/100

Rs280 = 560*2x

280/ 560 = 2x

1/2 = 2x

1/2*2 = x

1/4 = x

0.25 = x

Hence, the rate of interest on sum is 0.25%