Question

What rate gives ₹280 as interest on a sum of ₹56000 in 2 years?

Answer 1

Given:

Principal sum (P) = Rs 56,000

Simple Interest (S.I) = Rs 280

Time (T) = 2 years

To Find:

Rate (R) of Interest

Solution:

To find the rate 0f interest on a sum, we use the formula:

          R = (S.I × 100) ÷ (P×T)

On substituting the given numbers in the equation, we get:

         R = (280 × 100) ÷ (56000 × 2)

         R = 0.25%

Hence, the rate of interest is 0.25%