A company borrowed 600,000 yuan from the bank to develop new products. It is known that the annual interest rate of this loan is 65,438+05%. The cost of each new product is 3.5 yuan, and the price is 7 yuan.
Solution: If it is paid off in one lump sum in X years, the sum of the principal and interest to be repaid is:
600000+600000× 15%×X =(7×: 1- 10%:3.5)× 150000×X
600,000×15% is the annual interest payable, and (7× [1-10%]-3.5 )×150,000 is the annual profit.
X=2
Answer: It takes two years to pay off the loan in one lump sum.