Question

A bank lends a business $250 000. The annual rate of interest is 8.4%.
When paying back the loan, the business pays an amount of $105000 in simple interest. Calculate the number of years the business took out the loan for
Please help

Answer 1

Answer:

5 years is the correct answer

let the no. of years is x

250000×8.4/100×x=105000

x=5

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Answer 2

principle=$250000

interest=$105000

rate of interest=8.4%

the formula to find time period =I x 100

P x R

therefore, T = 105000 x 100 x 10

250000 x 84

( As 8.4% is in decimal ,then the fractional form of this will take place

84 will come as the denominator and 10 will be at the numerator )

therefore, T = 5 years ( the cancellation of this is in the picture )

Time period = 5 years