Q.10 What rate gives Rs. 280 as interest on a sum of Rs.56,000 in 2 years?
Answer :
Given: Principal = Rs. 56,000
Interest = Rs.280
Time = 2 years
Rate = \(\frac{Interest ×100}{P×T} \)= \(\frac{280×100}{56000×2} \) = 1/4% = 0.25 %