What rate gives ₹ 280 as interest on a sum of ₹56,000 in 2 years?
What rate gives ₹ 280 as interest on a sum of ₹56,000 in 2 years ?
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Here, Principal (P) = Rs. 56,000, Simple Interest (S.I.) = Rs. 280, Time (T) = 2 years
Simple Interest = (P*R*T)/100
Rs280 = 56000×x×2/100
Rs280 = 560×2x
280/ 560 = 2x
1/2 = 2x
1/2×2=x
1/4 = x
0.25 = x
Hence, the rate of interest on sum is 0.25%.
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