SOLUTION: Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 3.5% simple interest loan. Frederick doesn�t want to pay more than $21

Question 623880: Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 3.5% simple interest loan. Frederick doesn�t want to pay more than $210 in interest. How many years does Frederick have to pay back the loan with interest?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
3000 * .035 = 105 interest each year.
210 / 105 = 2
he can take as many as 2 years to pay the loan.
3000 * .035 * 2 = 210

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