Question

Interest for ₹4000 for 2 years is ₹1120. find the rate of interest.

Answer 1

we know that

A = p×r × t / 100

1120 = 4000 × r × 2 / 100

1120 = 80 r

r = 1120 / 80

r = 14

Answer 2

Answer:

Rate of Interest is 14% per annum.

Step-by-step explanation:

P= Rs. 4000

T= 2 yrs

I= Rs. 1120

Since,

I= P * R *T / 100

Therefore,

R= I * 100/ P * T

R = 1120 * 100 / 4000 * 2

R= 1120 / 40 * 2

R = 112 / 8

R = 14%.

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