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

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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 = 12,757.50P=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.
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