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

## Question

## Solution 1

To calculate the period of the loan, we need to 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 = $12,757.50 P =$18,900 R = 13.5% = 0.135 (in decimal fo Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.

```
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
```

## Similar Questions

Mr. Singh invested $9 840 in a bank for 5 years and received $5 141.40 simple interest.Calculate the rate percent per annum that his investment achieved

A farmer borrowed $2000 at a simple interest rate of 20% per annum, Calculate the total payable after 2 years

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

Mr. Kaushik invested ₹1,00,000 in a bank that offers a simple interest rate of 10% per annum. After how many years will his investment triple?

Avala borrowed Rs 4800 at a simple interest rate of 12.5% per annum for 2 years. Calculate the total interest paid by Avala?Options1400 1250 13001200

## 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.