Question

What rate gives Rs. 280 as interest
on a sum of Rs. 56000 in 2 years?
0.05%
15%
20%
0.25%​

Answer 1

Given

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

We Find

Value of Rate

We Know

Formula used :-

$\boxed {\red{SI = \frac{P \times R \times T}{100} }}$

According to the question

$\sf {SI = \frac{P \times R \times T}{100} }$

$\sf {280 = \frac{56000 \times R \times 2}{100} }$

$\sf {Rate = \frac{280}{560 \times 2} }$

$\sf {Rate = \frac{280}{1,120} }$

$\sf {Rate = \cancel\frac{280}{1,120} }$

$\sf \boxed{Rate = 0.25\%}$

Hence, Rate of given is 0.25 %.