Question

what rate gives rupees 280 as interest on a sum of rupees 28000 in 2 year


solve this question with full solution​

Answer 1

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%.