Question

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

Answer 1

$S.I = \frac{P\times R\times T}{100}$

$280=\frac{56000\times R\times 2}{100}$

$R= \frac{280}{560\times2}=\frac{1}{4}$

= $0.25$

Therefore, $0.25\%$ gives Rs $280$ as interest on the given sum.

Read more: Simple Interest