find the time period in which rupees 12000 will mature to rupees 14160 at the rate of 6% per annum.
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find the time period in which rupees 12000 will mature to rupees 14160 at the rate of 6% per annum.
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Given :
Principle amount : ₹12000
Total Amount : ₹14160
Rate of interest : 6%
To find :
The time period applied to the loan.
Solution :
To find the time period, first we should find the simple interest.
Simple Interest :
Now, we can find the time period.
Time :
Hence, the time period of the loan is 3 years.
Verification