A magazine did a survey of a persons favorite sport. Of the people who responded, 3/12 said ice hockey and 5/12 said football. W
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Answer: half year
Step-by-step explanation:
The formula to find the simple interest is given by :-
, , where P is the principal amount , r is the rate of interest and t is the time in year.
Given : I=420 ; r=14%=0.14 and P =$6000
Then, we have the following equation :-
It means the duration of the loan is half year .