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  • What rate gives Rs 280 as interest on a sum of Rs 56,000 in 2 years?

Q.10.    What rate gives Rs 280 as interest on a sum of Rs 56,000 in 2 years?

Answers (1)

best_answer

Given that,
Principal = Rs 56,000
Interest = Rs 280
Time = 2 year

Rate= ?

Therefore, 
Rate = \frac{100\times I}{P\times T}
             = \frac{100\times 280}{56,000\times 2} = 0.25\%

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manish

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