If a loan is taken out for P15,900 at 9% and costs P6,586, how long was the loan for?

Question

If a loan is taken out for P15,900 at 9% and costs P6,586, how long was the loan for?​

faithvisitacion · Answer

Answer:hope it helpsStep-by-step explanation:Here's how to calculate the loan duration: 1. Understand the Formula: - Simple Interest = (Principal * Rate * Time) / 100 Where: - Principal (P) = P15,900- Rate (R) = 9%- Time (T) = What we need to find- Simple Interest = P6,586 2. Rearrange the Formula to Solve for Time: - Time = (Simple Interest * 100) / (Principal * Rate) 3. Plug in the Values: - Time = (6586 * 100) / (15900 * 9) 4. Calculate: - Time = 658600 / 143100- Time ≈ 4.6 years Therefore, the loan was taken out for approximately 4.6 years.

Answered by faithvisitacion | 2024-09-04

If a loan is taken out for P15,900 at 9% and costs P6,586, how long was the loan for?​

Answer (1)

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