Question

John borrowed ₹56000 for 2 years. Find the rate of interest if he paid an interest of ₹2800. step by step explanation

Answer 1

Answer:

formula is

R=100xsimple intrest / principal x time

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Answer 2

Answer:

Hence the rate is 0.25 %

Step-by-step explanation:

Principal = Rs.56000,

Time = 2years,

Simple Interest = Rs.28

SI = P x R x T / 100

280 = 56000 x R x 2 / 100

R = 280 / 2 x 560

R = 0.25 %

Hence the rate is 0.25 %

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