Question

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

Answer 1

Answer:

0.25 percent per year

Step-by-step explanation:

Given, Sum or Principle value P= Rs 56000

Time T=2 years

Simple Interest SI= Rs 280

Let the rate of simple interest be R percent.

As we know that the simple interest is given by

SI=P×R×T100⇒280=56000×R×2100⇒R=280×10056000×2=0.25 percent.

Hence, the rate of the simple interest that gives Rs 280 as interest on a sum of Rs 56,000 in 2 years is 0.25 percent per year.

Answer 2

Given: Principal = Rs. 56,000

Time = 2 years

Interest = Rs. 280

We have to find the rate of interest.

We will use the formula of simple interest

Simple interest = (p × r × t )/100

280 = (56000 × r × 2)/100

280/1120 = r

0.25 = r

Hence, the rate of interest will be 0.25%