Question

please answer asap. Jenna borrowed $150,000 to buy a house. The loan has a simple interest rate of 2%. She paid $4,650 in interest. How long did it take her to pay back the loan?

Answer 1

Answer:

Principal Amount = $ 1,50,000

Rate of Interest = 2%

Simple Interest = $ 4,650

Time Period = ?

The formula to calculate the Simple Interest is given by:

$\boxed{ \bf{ SI = \dfrac{PRT}{100}}}$

Substituting the values we get:

$\implies 4650 = \dfrac{150000 \times 2 \times T}{100}\\\\\\\implies T = \dfrac{4650 \times 100}{150000 \times 2}\\\\\\\implies T = \dfrac{465000}{300000}\\\\\\\implies \boxed{ \bf{T = \textbf{1.55 years}}}$

Hence it took 1.55 years to repay the loan.

Answer 2

Given :

⟶ Principal = Rs. 150,000

⟶ Rate = 2 %

⟶ Simple Interest = Rs. 4,650

To find :

⟶ Time period = ?

Solution :

We have to solve this question by using the formula of Simple Interest.

$\underline{\boxed{ \tt\begin{gathered} \: \tt Simple \: interest = \dfrac{ P \times R \times T }{100}\end{gathered}}}$

Putting the values,

${\begin{gathered} \implies \: \tt 4650 = \dfrac{ 150000 \times 2 \times \: T }{100}\end{gathered}}$

${\begin{gathered} \implies \: \tt T \: = \dfrac{ 4650 \times 100 }{150000 \times 2}\end{gathered}}$

${\begin{gathered} \implies \: \tt T \: = \dfrac{ 465000 }{300000}\end{gathered}}$

Cutting of Zero's

${\begin{gathered} \implies \: \tt T \: = \cancel\dfrac{ 465 }{300}\end{gathered}}$

${\begin{gathered} \implies \: \tt T \: = 1.55 \: \: years\end{gathered}}$

Therefore,

$\boxed{ \red{\tt \: Time \:taken \: to \: repay \: the \: loan =1.55 \:years}}$