SOLUTION: Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 3.1 simple interest loan. Frederick doesn't want to pay more than $279

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Question 844977: Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 3.1 simple interest loan. Frederick doesn't want to pay more than $279 in interest. How many years does Frederick have to pay back the loan?
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi,

3.1 simple interest loan

 = $93 per year.   = 3yrs 

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