Answer:5.5%.
Step-by-step explanation:
We can use the simple interest formula:
I = (P * r * t) / 100
where:
I is the interest (already calculated)
P is the principal amount (loan amount)
r is the interest rate (what we need to find)
t is the time (in years)
Solve for r:
r = (I * 100) / (P * t)
r = (₹2640 * 100) / (₹24000 * 2 years)
r ≈ 5.5%
Therefore, the rate of simple interest charged by the bank is approximately 5.5%.
