The amount of money borrowed is $ H
Time for borrowing is 25 years
Amount paid per month M
Amount paid per year 12M
Interest rate paid=I
Let the payment method be simple interest method, then:
I=(PRT)/100
plugging in our values we have:
I=(H×R×M)/100
hence:
I=HRM/100
9r=3r+6
Subtract 3r from both sides
6r=6
Divide both sides by 6
r=1
Answer:
1025
Step-by-step explanation:
3075/3=1025
