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Popular Word Problems >

A finance company charged a loan of RM3,000 at a simple interest of 12% per year. If the interest paid was RM972, how long was the term of the loan?

Solution

A f inan ce co m p an y c ha r g e d a l o an o f RM 3, 000 a t a s im pl e in t eres t o f 12% p er ye a r . I f t h e in t eres t p ai d w a s RM 972, h o w l o n g w a s t h e t er m o f t h e l o an ?

Solution

Time : 2 \frac{7}{10}

Solution steps

Translate the problem into an equation:

972 = 3000 \cdot 0.12 t

Solve for

t, 972 = 3000 \cdot 0.12 t : t = 2 \frac{7}{10}

Time : 2 \frac{7}{10}

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