Question

The rate which gives ₹560 as interest on a sum of ₹14000 in 2 years is

Answer 1

Let, Rate of interest = r%

Given that : Simple Interest = Rs. 560

Principal = Rs. 14000

Time = 2 years

Now, according to the question :


$560 = \frac{14000 \times 2 \times r}{100} \\ \\ = > r = \frac{560}{140 \times 2} \\ \\ = > r = 2$

So, the rate of interest will be 2%

Answer 2

Answer:

2 %

Step-by-step explanation:

Given that,

Simple Interest in two years= Rs. 560

And Principal amount = Rs. 14000

Formula of simple interest-

S.I = ( P * R * T ) / 100

Where,

P = Principle amount

R = Rate of interest

T = Time

S.I = ( 14000 * R * 2 ) / 100

560 = 280 * R

R = 560 / 280 = 2

So, the rate of interest = 2%