Question
A sum of ₹ 56000 gives ₹ 280 as interest in 2 years. Find the rate of interest. If the interest rate was 11%, then find the interest in two years. [4 MARKS]
Answer:
:
Formula: 1 Mark
Steps: 2 Marks
Answer: 1 Mark
Given,
Principal = ₹ 56,000
Time = 2 years
Interest = ₹ 280
Let the rate of interest be R % p.a.
S.I=P×R×T100
⇒R=I×100P×T
⇒R=280×10056000×2
⇒R=280560×2
⇒R=14=0.25
∴ The rate of interest is 0.25 % .
We have to find the interest if the rate of interest was 11 %,
Interest = P×R×T100
On substituting the values we get,
Interest = 56000×11×2100 = ₹12320
Hence, the interest in two years if the rate was 11% is ₹ 12320.
Was this answer helpful ?
:
Formula: 1 Mark
Steps: 2 Marks
Answer: 1 Mark
Given,
Principal = ₹ 56,000
Time = 2 years
Interest = ₹ 280
Let the rate of interest be R % p.a.
S.I=P×R×T100
⇒R=I×100P×T
⇒R=280×10056000×2
⇒R=280560×2
⇒R=14=0.25
∴ The rate of interest is 0.25 % .
We have to find the interest if the rate of interest was 11 %,
Interest = P×R×T100
On substituting the values we get,
Interest = 56000×11×2100 = ₹12320
Hence, the interest in two years if the rate was 11% is ₹ 12320.
Was this answer helpful ?
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