Leroy borrowed P1500 at an annual simple interest rate of 12%. He paid P270 in interest. For what time period did Leroy borrow t
he money? A. 8 years B. 5 years C. 18 months D. 18 years
1 answer:
Answer:
C. 18 months
Step-by-step explanation:
Given data
Principal= P1500
rate= 12%
Simple interest= P270
We know that
Simple interest= PRT/100
substitute
270= 1500*12*T/100
cross multiply we have
270*100= 1500*12*T
27000= 18000
T
divide both sides by 18000
T= 27000/18000
T=1.5 years
That is 12 months + 6 months
in all = 18 months
The time is C. 18 months
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