The rate which gives ₹560 as interest on a sum of ₹14000 in 2 years is
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Answered by
2
Let, Rate of interest = r%
Given that : Simple Interest = Rs. 560
Principal = Rs. 14000
Time = 2 years
Now, according to the question :
So, the rate of interest will be 2%
Given that : Simple Interest = Rs. 560
Principal = Rs. 14000
Time = 2 years
Now, according to the question :
So, the rate of interest will be 2%
Answered by
1
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%
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