Subject :IMO Class : Class 7
A businessman borrowed some money at 1% per month. After some time, he settled the debt by paying 14,750. If the total interest was 2950, find the time.
(a) 2 years 1 month
(b) 3 years
(c) 
years
(d) 1 year 8 months
explain
Ans 1:
Class : Class 8
P=A-I
=14750-2950
=11800
R= 1% PER MONTH
= 12%PER YEAR
T=(I*100)/(P*R)
(2950*100)/(11800*12)
=25/12
= 2 1/12 YEARS
= 2 YEARS 1 MONTH