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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
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Solution
Here Principal (P) = ₹ 15,000
Rate of interest (r) = 10%
Simple Interest (I) = ₹ 9000
I = `"Pnr"/100`
9000 = `(15000 xx "n" xx 10)/100`
n = `(9000 xx 100)/(15000 xx 10)`
n = 6 years
∴ The loan was given for 6 years
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