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 = 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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