A man takes a loan of 65000 on annually at an interest rate of 3% in how many years interest become 68900?
- 4
- 2
- 3
- None of these
Explanation
Principal (P) = 65000
Interest Rate (R) = 3% = 0.03
Interest Amount (I) = 68900 - 65000 = 3900 (since the interest amount is the total amount paid minus the principal)
We can use the formula: I = P × R × T
Rearranging the formula to solve for T, we get:
T = I / (P × R)
= 3900 / (65000 × 0.03)
= 3900 / 1950
= 2 years
So, it takes 2 years for the interest to become 68900.
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