Question

Arman takes a loan of Rs 480000 to buy a used truck at the rate of 11%. He clears the loan by paying Rs 691000. After how many years did he clear the loan?
step by step

nope explanation

answer quickly ​

Answer 1

Answer:

He clear the loan after 4 years

Step-by-step explanation:

Given,

Principal ( P ) = Rs 4,80,000

Rate ( R ) = 11 %

Amount ( A ) = Rs 6,91,000

We know that:

  Amount ( A ) = P + S.I

⇒ Rs 6,91,000 = Rs 4,80,000 + S.I

⇒ S.I = Rs 6,91,000 -  Rs 4,80,000

∴  S.I = Rs 2,11,000

Now,

     S. I = $\frac{P*T*R}{100}$

⇒ T = $\frac{S.I *100}{P*R}$

⇒ T = $\frac{2,11,000*100}{4,80,000*11}$

∴ T = 4 years

Therefore,

He clear the loan after 4 years.