Question

What rate gives 280rs as interest on sum of 56,000rs in 2 years

Answer 1

Considering the given problem is based on SI:

I = PTR/100

280 = (56000 * 2 * R)/100

28000 = 112000 * R

R = 28000 / 112000

R  = 0.25 %

hope that helps !!!