Question

What is the rate of intrest which gives an intrest of rs 280 on sum of rs 5600 for 2 years

Answer 1

Answer:
R = 2.5%/year

Equation:
r = (1/t)(A/P - 1)

Calculation:
Solving our equation:
r = (1/2)((5880/5600) - 1) = 0.025
r = 0.025

Converting r decimal to R a percentage
R = 0.025 * 100 = 2.5%/year

The interest rate required to get a total amount, principal plus interest, of $5,880.00 from simple interest on a principal of $5,600.00 over 2 years is 2.5% per year.

Answer 2

Answer:rate=2.5%

Step-by-step explanation:

given,

p=5600

rate=?

time=2yrs

interest=280

then,

interest=p*r*t

interest/p*t=r

rate=2.5%

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