# Question 7fe4f

Feb 24, 2017

The rate of interest is =2%

#### Explanation:

$\frac{P N R}{100} = I$

Where -

$P$ - Principal
$N$ - Number of years
$R$ - Rate of Interest

$I$ - Interest amount

$\frac{P N R}{100} = I$

Solving the above equation for $R$, we get -

$R = \frac{I \times 100}{P \times N} = \frac{2400 \times 100}{10000 \times 12} = 2$

The rate of interest is =2%#