Question

What Rate Gives Rs.280 as Interest On a Sum Of Rs. 56,000 in 2 Years?​

Answer 1

Answer:

Given :-

• An interest is Rs 280 on a sum of Rs 56000 in 2 years.

To Find :-

• What is the rate of interest.

Formula Used :-

$\clubsuit$ Rate of Interest Formula :

$\bigstar \: \: \sf\boxed{\bold{\pink{R =\: \dfrac{S.I \times 100}{P \times t}}}}\: \: \: \bigstar$

where,

• R = Rate of Interest
• S.I = Simple Interest
• P = Principal
• t = Time Period

Solution :-

Given :

• Simple Interest = Rs 280
• Principal = Rs 56000
• Time Period = 2 years

According to the question by using the formula we get,

$\implies \sf\bold{\purple{R =\: \dfrac{S.I \times 100}{P \times t}}}$

$\implies \sf R =\: \dfrac{280 \times 100}{56000 \times 2}$

$\implies \sf R =\: \dfrac{28\cancel{000}}{112\cancel{000}}$

$\implies \sf R =\: \dfrac{28}{112}$

$\implies \sf\bold{\red{R =\: 0.25\%}}$

$\therefore$ The rate of interest is 0.25% .