Math, asked by dynamitefakelove, 6 months ago

Mohan pays an interest of Rs. 490 for 2 years on a sum of Rs. 3500, find the rate of interest.

Answers

Answered by khashrul

0

Answer:

7% per annum

Step-by-step explanation:

Mohan pays interest of ₹490

Period, T = 2 years

Principal, P = ₹3500

Let's assume the rate of interest is R% per annum

∴ Interest Payable $=\frac{PRT}{100}$ = 490

∴ $R=\frac{490x100}{3500x2}$ = 7

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