Question

How long will R60,000 accumulate to R62,430 if the simple interest rate agreed is 1.50%?

Answer 1

Interest $=62,430-60,000=2,430$

$SI=\frac {PRT} {100}$

$2430=\frac {60000×1.5×T} {100}$

$243000=90,000T$

$T=\frac {243000} {90000}=2.7$

$Time =2.7yrs$