SOLUTION: A business borrowed $2,400 at 7% simple interest per year to buy new tables. If it paid $420 interest, what was the duration of the loan?
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Question 1105287: A business borrowed $2,400 at 7% simple interest per year to buy new tables. If it paid $420 interest, what was the duration of the loan?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A business borrowed $2,400 at 7% simple interest per year to buy new tables. If it paid $420 interest, what was the duration of the loan?
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I = P*r*t
420 = 2400*0.07*t
t = 420/(2400*0.07)
t = 2.5 years
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Cheers,
Stan H.
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