Question

A sum of Rs. 48,000 was lentout at simple interest and at the end of 2 years and
3 months the total amount was Rs. 55,560. Find the rate of interest per year.​

Answer 1

Step-by-step explanation:

principal=Rs48000

Amount=Rs55560

Simple interest=Amount-principal

55560-48000=Rs7560

time=2years and 3 months =2*1/4

9/4years

rate=7560×100/48000×9/4

756/48×9/4

756/108=7%