Question

Interest of 1700 rupees is 340 rupees for 2 years the rate of interest must be?

Answer 1

Answer:

I= P×R×T÷100

340=1700×R×2

340=3400×R

R=340÷3400

R=0.1%

Answer 2

Answer:

10%

Step-by-step explanation:

Here, 1700 is the Principal Amount, 340 is Simple Interest and Time is 2

P=1700, I=340, T=2

Formula to Calculate Rate of Interest:

R = I x 100/P X T

i.e.

R = 340 X 100/1700 X 2

Firstly, cut zero of 1700 and 100

then, 340/17=20

and then 20/2 = 10

Therefore, Rate of Interest is 10%