a man took a loan from a money lender at 20% per annum after sometime he paid back the loan by paying rupees 89600 if the total interest was rupees 33600 find the time period.
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Answer:
Time period is 3 yrs
Step-by-step explanation:
principal amount = amount - interest
principal amont = 89600-33600 = 56000
Interest = principal X Time period X Rate %
33600 = 56000 X Time periods X 20%
Time period = 33600 ÷ 56000 ÷ 20%
Time period = 0.6 ÷ 20%
Time periods = 3 years
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