Multiple choice

Nisha borrows Rs.28,000 at the rate of $4\%$ for some period of time.At the end of the term she pays Rs.2240 interest.What is the period of time for which Nisha has to pay the interest ?

  1. $2$ years 
  2. $4$ years 
  3. $6$ years 
  4. $10$ years 
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A Correct answer
Explanation

Using the simple interest formula I = (P * R * T) / 100, we have 2240 = (28000 * 4 * T) / 100. Simplifying this gives 2240 = 1120 * T, so T = 2240 / 1120 = 2 years.

AI explanation

Use the simple interest formula to find the time, where T = (I * 100) / (P * R). Substituting the values gives T = (2240 * 100) / (28000 * 4). This simplifies to T = 2240 / 1120, resulting in a period of 2 years.

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