It took 1.9 years to pay back the loan.
What is Interest ?
Interest is the amount of money given or received when a certain sum of amount is received as a loan or given or deposited for investment.
It is given that
Principal amount of loan = $ 8000
Interest paid = $ 600
Rate = 4%
Time Period = ?
Assuming Simple Interest has been applied
I = ( P* R* T) /100
600 = ( 8000 * 4 * T ) / 100
60000 = 8000 * 4 * T
T = 1.875 years
T = 1.9 years rounded to 1 decimal
T = 22.5 months
Therefore it took 1.9 years to pay back the loan.
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