Multiple choice

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?

  1. 3 years

  2. 4 years

  3. 5 years

  4. 6 years

  5. 7 years
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Interest earned = 22125 - 18750 = 3375. Using I = P * r * t / 100, we get 3375 = 18750 * 6 * t / 100. Solving for t: 3375 = 1125 * t, so t = 3.

AI explanation

The simple interest paid is the total amount minus the principal, which is 22125 - 18750 = 3375. Using the formula for simple interest, we have 3375 = (18750 x 6 x Time) / 100. Solving for Time gives Time = 337500 / 112500, so he cleared his debt after 3 years.

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