.3 Mohan received an interest of Rs 2800 on the sum of Rs 56,000 in 2years Find the rate of interest per annum .
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Sum = Principal = Rs.56000
Interest = Rs.2800
Time = 2 years
Rate = ?
Let Rate be R%
By the sum:-
P*R*T/100 = SI
56000 * R * 2/100 = 2800
=> 1120R = 2800
=> R = 2800/1120 = 5/2% (Answer)
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Answer:
The rate of interest for ₹280 as interest on a sum of Rs 56,000 in 2 years is 0.25%.
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