Question

Riya bought Rs 15,000 from a bank to buy a car at 10% simple interest. If she paid Rs 9,000 as interest while clearing the loan, find the time for which the loan was given.

Answer 1

Here Principal (P) = Rs 15,000 

Rate of interest (r) = 10 %

Simple Interest (I) = Rs 9000 

I = \(\frac{pnr}{100}\)

9000 = \(\frac{15000\times\,n\times10}{100}\)

n = \(\frac{9000\times100}{15000\times10}\)

n = 6 years 

∴ The loan was given for 6 years