Question

What rate gives ₹280 as interest on a sum of₹ 56,000 in 2 years?

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Answer 1

Given:-

• Principal (P) = Rs.56000
• Simple Interest (S.I) = Rs. 280
• Time (T) = 2 years.

To Find:-

• The rate of interest (R)

Solution:-

$\boxed { \sf \: \implies R \: = \dfrac{ S.I \times 100}{ P \times T }}$

⇒ R = $\sf\dfrac{280×100}{56000×2}$

⇒ 0.25%

Hence Rate of Interest (R) = 0.25 %. p.a