Ram borrowed an amount of Rs. 15000 from a bank to buy a car at 10% simple interest. If he paid Rs. 9000 as interest while clearing the loan, determine the period of the loan.
6 years
Principal, P = Rs. 15,000
Rate of Interest, R = 10% = 0.10
Interest paid, I = Rs. 9,000
T = 900015000×0.10 = 6 years