Question

heena borrows ₹72800 at the rate of 5% p. a. the total interest payable over the period of loan is ₹3640.how many years did she take to pay back the loan?

Answer 1

We can use the formula for simple interest to solve this problem:

Simple Interest = (Principal × Rate × Time) / 100

where Principal is the amount borrowed, Rate is the annual interest rate, and Time is the time period in years.

Given that Heena borrowed ₹72800 at a rate of 5% p.a., we can write:

Simple Interest = (72800 × 5 × Time) / 100 = 3640

Multiplying both sides by 100 and dividing by 5, we get:

3640 * 100 / 5 = 72800 * Time

Simplifying the left-hand side, we get:

72800 = 72800 * Time

Dividing both sides by 72800, we get:

Time = 1

Therefore, it took Heena 1 year to pay back the loan.