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

Here, Principal (P) = ₹56,000, Simple Interest (S.I.) = ₹280, Time (T) = 2 years
Simple Interest = PXRXT/100
⇒ 280 = 56000 X R X 2/100
⇒ R= 280X100/5600×2
⇒ R = 0.25%

Hence, the rate of interest on sum is 0.25%.

lass 7 Maths Chapter 8 Exercise 8.3

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