Question

Leroy borrowed P1500 at an annual simple interest rate of 12%. He paid P270 in interest. For what time period did Leroy borrow the money? A. 8 years B. 5 years C. 18 months D. 18 years

Answer 1

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