Mohit pays rupees 9000 as an amount on the sum of rupees 7000 that he had borrowed for 2 years.
find the rate of interest.

The required rate of interest   =   14.285%

Step-by-step explanation:

Here, The principal amount = 7,000

The final paid amount = 9,000

Time = 2 years

Let us assume the rate of interest = R

Now, Simple Interest  =  Amount - Principal

                                      =  9,000 - 7,000  = 2,000

So, the SI on the given principal for 2 years  = 2,000

or, R =  14.285%

Hence, the required rate of interest   =   14.285%

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step-by-step explanation:

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