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Jenny applied for a loan of P15,000 at 8% annual interest. If she paid back the credit union P17,400, how many years was her loan?

A. 1 year
B. 2 year
C. 3 year
D. 4 year

Respuesta :

abidemiokin

If she paid back the credit union P17,400, 2 years was her loan.

Simple interest

The formula for calculating simple interest is expressed as:

  • SI = PRT

where:

  • P is the principal
  • R is the rate
  • T is the Time (in years)

Given the following

SI = 17400 - 15000

SI = 2400

R = 0.08

Substitute into the formula;

2400 = 15000(0.08)T

2400 = 1200T

T = 2 years

Hence her loan was 2 years old

Learn more on simple interest here: https://brainly.com/question/25793394

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