Question

. What is the rate of interest which fields an interest of Rs.280 on a sum of Rs.56000
for 2 years?

Answer 1

Answer:

0.25%

Step-by-step explanation:

Answer 2

Given:-

• Fields an interest of Rs.280 on a sum of Rs.56000 for 2 years.

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To find:-

• Rate of interest.

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Solution:-

Here,

• Principal (P) = Rs. 56,000
• Simple Interest (S.I.) = Rs.280
• Time (T) = 2 years

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According to the question,

→ S.I. = P × R × T/100

→ 280 = 56000 × R × 2/100

→ R = 280 × 100/56000 × 2

→ R = 0.25%

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Hence,

• the rate of interest is 0.25%.