Question

A sum of rs 1600 gives a simple interest of rs 252 in 2 years and 3months then the rate per annum is

Answer 1

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%