Question

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

Answer 1

Answer:

P = Rs.56,000

T= 2 years

SI = 2800

$si = \frac{p \times r \times t}{100}$

$= > 2800 = \frac{56000 \times r \times 2}{100}$

$= > \frac{2800 \times 100}{56000 \times 2} = r$

$= > \frac{5}{2} = r$

$= > 2.5\% = rate$