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Sidhu Mose wala took a loan of Rs. 1200000 from a bank on simple intrest. Rate of interest offered by the bank was equal to the time period for which on takes the loan. If he paid Rs. 432000 as interest after x years to clear his loan. Find the time for which he took the loan.

Sidhu Mose wala took a loan of Rs. 1200000 from a bank on simple intrest. Rate of interest offered by the bank was equal to the time period for which on takes the loan. If he paid Rs. 432000 as interest after x years to clear his loan. Find the time for which he took the loan. Correct Answer 6 years

Given: Amount of loan = 1200000

Interest paid = Rs. 432000

Time = Rate of interest

Formula Used:

SI = PRT/100

Explanation:

1200000 * R * T/100 = 432000

T * T = 432/12 = 36

T2 = 36

T = 6 years

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