SOLUTION: Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?

SOLUTION: Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?

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Question 1110937: Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

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Use simple interest formula

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It takes him 3 yrs to pay off the loan
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