What rate gives $280 as interest on a sum of $56000 in 2 years
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Answer:
Rate = 0.25%
Step-by-step explanation:
As we know Interest = PTR/100
Interest = $280
Principle = $56000
Term = 2 yrs
Let the rate of interest be R
Hence, 280 = 56000*2*R/100
Solving for R we get
R = 28000/112000 = 0.25
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