Question

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

Answer 1

Given: P = ₹ 56000, SI = ₹ 280, t = 2 years.

We know that,

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

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

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

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

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

$=\frac{1}{4}$

$=0.25\%$