Question

What rate gives Rs. 280 as interest on a sum of Rs. 56000 in 2 years​

Answer 1

Solution!!

The concept of simple interest has to be used here. The interest, principal and time is given. We have to find the rate of interest.

Interest = Rs 280

Principal (P) = Rs 56000

Time (T) = 2 years

We will find the rate of interest (R) using the interest formula.

Interest = (P × R × T)/100

280 = (56000 × R × 2)/100

280 = 560 × R × 2

280 = 1120 × R

280 ÷ 1120 = R

R = 0.25%

Hence, the rate of interest is 0.25% per annum.

The questioner may also ask you to find the amount. So, here's how you can find the amount.

Amount = Principal + Interest