Question

At what simple interest rate , the sum will amount to Rs 1568 in 4 years on
Rs 1120

Answer 1

Answer:

Let the rate of interest be x

The total interest earned on the sum of Rs1120 is 1568-1120= Rs448

Simple Interest = Principle * Time period * Rate of interest

448 = 1120 * 4 * x

448 = 4480 * x

x = 448/4480

x = 0.1

Which gives us a interest rate of 10%

Hope this helps!!