Knowee
Questions
Features
Study Tools

Mr. Joseph borrowed $18900 at 13.5% per annum and repaid $12 757.50 simple interest.Calculate the period of the loan

Question

Mr. Joseph borrowed 18900at13.518900 at 13.5% per annum and repaid 12 757.50 simple interest.Calculate the period of the loan

🧐 Not the exact question you are looking for?Go ask a question

Solution

To calculate the period of the loan, we can use the formula for simple interest which is:

I = PRT

where: I = Interest P = Principal amount (the initial amount of money) R = Rate of interest T = Time period

In this case, we know that: I = 12,757.50P=12,757.50 P = 18,900 R = 13.5% = 0.135 (in decimal form)

We want to find T, so we rearrange the formula to solve for T:

T = I / (P * R)

Substituting the given values:

T = 12,757.50/(12,757.50 / (18,900 * 0.135)

Now, calculate the value of T.

This problem has been solved

Similar Questions

(a) $855 simple interest was paid when $4500 was invested at 4.75% per annum.Determine the period of investment.(b) Mrs. Woods borrowed a sum of money from a bank at 12.5% per annum for 6 yearsand paid $6375 simple interest. Calculate the sum of money mrs. Wood borrowedfrom the bank.(c) The simple interest on $15 000 for years is $4950. Calculate the rate percent perannum.

Gary borrowed $1200 from a bank. He had to repay $2.20 as simple interest after 2 months. Determine the interest rate per annum.

Andrew borrows $79,500 for 2 years and earns $10,017 of simple interest. Calculate the interest rate?

Sanjay borrowed Rs.900 at 4% per annum and Rs.1100 at 5% per annum for the same duration. He to pay Rs.364 in all as interest. What is the time period in years?Options5 years2 years4 years3 years

Nithin borrowed some money at the rate of 6% p.a. for the first three years, 9% p.a. for the next five years and 13% p.a. for the period beyond eight years. If the total interest paid by him at the end of eleven years is 8,160, the money borrowed by him was?

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.