Question

Riya bought ₹15,000 from a bank to buy a car at 10% simple interest.if she paid ₹9,000 as interest while clearing the loan,find the time for which the loan was given

Answer 1

Principal = Rs. 15,000

Rate of interest = 10%

Simple interest = Rs. 9000

Time = SI*100/ P*R

= 9,000*100/15000*10

= 9,00,000/150000

= 6 years

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Answer 2

Loan was given in 6 years.

Step-by-step explanation:

Riya took loan from a bank to buy a car.

Principal amount = ₹ 15,000

Rate of interest = 10%

Interest paid = ₹ 9,000

Total amount paid = 15,000 + 9000 = ₹ 24,000

To find the time we will use the formula :

$(\frac{1}{r})(\frac{A}{P}-1)$

=  $(\frac{1}{0.10} )(\frac{24000}{15000}-1)$

= (10)(1.6-1)

= 10 × 0.6

= 6 years

Loan was given in 6 years.

Learn more interest formula : https://brainly.in/question/14852569