SOLUTION: Compute the specified quantity.
$4,000 loan, taken now, with a simple interest rate of 6% per year, will require a total repayment of $5,440. At what time t will the loan matur
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Question 1069900: Compute the specified quantity.
$4,000 loan, taken now, with a simple interest rate of 6% per year, will require a total repayment of $5,440. At what time t will the loan mature?
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
Let n be the number of years to maturity. Then:
4000*n*.06=5440-4000=1440
.06(n)=1440/4000
n=1440/(4000*.06)=6 years to maturity. ☺☺☺☺
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