A sum of rs 1600 gives a simple interest of rs 252 in 2 years and 3months then the rate per annum is
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Answer:
Rate= 7%
Step-by-step
Explanation
Principal =1600
Interest =252₹
Time= 2 years 3 months= 24+3=27 months=27/12
Rate=??
Interest=P×R×T/100
252= 1600×R×27/100×12
36 R= 252
R= 252/36
Rate = 7%
so rate will be 7%
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