Question

A farmer takes a loan of 8400 at the simple interest rate of 15/2% per annum. After what
time will he have to pay 10 920 to clear the debt?
please answer​

Answer 1

Answer:

Interest he will have to give per year= 8400 x (15/2%  or  7.5/100)

                                                               =630

Amount left to give = 10920-8400=2520

If he gives 630 each year then it will take him 2520/630 or 4 years to clear the debt.

Hope it helps....