arman takes a loan of 480000 to buy a used truck at the rate of 11%. he clears the loan by paying 691200.after how many years did he clear the loan.
Answers
Answered by
2
Answer:
Amount of the loan (P) = 480000
rate of interest (r) =11%
He clears the loan by paying = 691200
such as the interest (I) = (691200 - 480000)= 211,200
Time will be (t)=?
We know I = Prt/100
t= 100I/Pr
t= 100× 211200/480000×11
t= 4
He clear the loan after 4 years
Similar questions