Question

If Manohar pays an interest of Rs. 750 for 2 years on a sum of Rs. 4,500, find the rate of interest.

Answer 1

I = `(P × T × R)/(100)`

750 = `(4500 × 2 × R)/(100)`

`(750)/(45 × 2) = R`

Therefore, Rate = `8 1/3 %`