Question

what rate gives rs280 as interest on a sum of Rs 56000 in 2 years

Answer 1

hi arvind,

si = pnr
where r is %of interest

280 = 56000 * 2 * r
r = 280/(56000*2)
r = 0.0025

rate of interest
= r
= 0.0025
= 0.25% is the required answer

Hope it helped