A person borrowed Rs.20,000 from a bank at a simple interest rate of 12 percent per annum. In how many
years will he owe interest of Rs.3,600?
i = Prt
so plug in your numbers and find t.
To find the number of years it will take for the person to owe interest of Rs.3,600, we can use the formula for simple interest:
Simple Interest (SI) = (Principal) * (Rate) * (Time)
Given:
Principal (P) = Rs.20,000
Rate (R) = 12% per annum
Interest (SI) = Rs.3,600
Plugging in the known values, we have:
3,600 = (20,000) * (0.12) * (T)
Now, solve the equation for T (Time):
T = 3,600 / (20,000 * 0.12)
T = 3,600 / 2,400
T = 1.5
Therefore, it will take 1.5 years for the person to owe interest of Rs.3,600.
To find the number of years in which the person will owe an interest of Rs.3,600, we can use the formula for simple interest:
Interest = (Principal × Rate × Time) / 100
In this case, the principal amount is Rs.20,000, the rate is 12 percent per annum, and the interest amount is Rs.3,600. We need to find the time.
Let's rearrange the formula to solve for time:
Time = (Interest × 100) / (Principal × Rate)
Plugging in the values, we get:
Time = (3600 × 100) / (20000 × 12)
Time = 300000 / 240000
Time = 1.25 years
Therefore, the person will owe an interest of Rs.3,600 in 1.25 years.