Question

What rate gives Rs 300 as interest on a sum of Rs 60000 in 2 years

Answer 1

Here, Principal (P) = Rs. 56,000, Simple Interest (S.I.) = Rs. 280, Time (T) = 2 years

Simple Interest = \frac{P\times R\times T}{100}

100

P×R×T

\Rightarrow\ 280=\frac{56000\times R\times2}{100}\Rightarrow R=\frac{280\times100}{56000\times2}⇒ 280=

100

56000×R×2

⇒R=

56000×2

280×100

\Rightarrow\ R\ =\ 0.25\%⇒ R = 0.25%

Hence, the rate of interest on sum is 0.25%.

Answer 2

Answer:

We have,

P=Rs.56000,

T=2years,

SI=Rs.280

We know that,

SI=

100

P×R×T

280=

100

56000×R×2

R=

2×560

280

R=0.25%

Hence, the value of the rate is 0.25%.

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