Question

A person borrowed Rs.20,000 from a bank at a simple interest rate of 12% per annum.In how many years will he owe interest of Rs.3,600?

Answer 1

I = Po*r*t.
I = $3600.
Po = $20,000.
r = 0.12.
t = ?.

Answer 2

1.5years

Answer 3

A man borrowed $20,000 from bank and 6 months later he paid $20,600 to the bank . Find the rate of interest