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A man borrowed Rs. 18750 at a simple interest of 6% per annum. If he cleared his debt by paying an amount of Rs. 22125, after how many years did he cleared his debt?

A man borrowed Rs. 18750 at a simple interest of 6% per annum. If he cleared his debt by paying an amount of Rs. 22125, after how many years did he cleared his debt? Correct Answer 3 years

As we know,

Simple interest = Amount - Principal = (Principal × Rate × Time)/100

⇒ 22125 - 18750 = (18750 × 6 × Time)/100

⇒ Time = (3375 × 100)/(18750 × 6)

⇒ Time = 3 years

∴ He cleared his debt after 3 years

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