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

Given: $P =Rs.\ 56000$, $SI =Rs.\ 280$, $t =2 years$.

To do: To find the rate $(R)$.

Solution:

We know that,

$R=\frac{(100\times SI)}{(P\times T)}$

$=\frac{(100\times 280)}{(56000\times 2)}$

$=\frac{(1\times 28)}{(56\times 2)}$

$=\frac{(1\times 14)}{(56\times 1)}$

$=\frac{(1\times 1)}{(4\times 1)}$

$=\frac{(1)}{(4)}$

$=0.25$ %

Updated on: 10-Oct-2022

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