Aman borrowed 800,000 at 6 percentage per annum, simple interest and paid 944,000.00 at the end of the loan period. How long was the loan?
Answer (1)
He paid 944 000 - 800 000 = 144 000 interest
Interest formula
i = p r t p = principle = 800 000 r = decimal interest rate t = years
144 000 = 800 000 * .06 * t
144 000 / (800 000 * .06 ) =** t = 3 years ** ;
