4. If a loan is taken out for P15,900 at 9% and costs P8,586, how long was the loan for?

Question

4. If a loan is taken out for P15,900 at 9% and costs P8,586, how long was the loan for?​

PrincessLauraAvery · Answer

To find out how long the loan was for, we need to use the simple interest formula:Interest=P×r×twhere:P: is the principal amount (P15,900),r: is the interest rate per period (9%, or 0.09 as a decimal),t: is the time in years,Interest is the total interest paid (P8,586).Rearranging the formula to solve for t:t=Interest________ P×r Now, let's plug in the values: 8,586__________15,900×0.09 Calculating this:t=8,586÷1,431t=6So, the loan was for 6 years.i hope this help..

Answered by PrincessLauraAvery | 2024-10-19

4. If a loan is taken out for P15,900 at 9% and costs P8,586, how long was the loan for?​

Answer (1)

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