SOLUTION: april wants to borrow $300 from her father and is willing to pay $8 in interest. Her father wants to charge an interest rate of 4%. How long can april keep

Question 1145202: april wants to borrow $300 from her father and is willing to pay $8 in interest. Her father wants to charge an interest rate of 4%. How long can april keep
Answer by ikleyn(52813) (Show Source): You can put this solution on YOUR website!
.

300 + 0.04*300*t = 308


is your basic equation.


The unknown value is the time " t ", which is "how long . . . ", in years..


From the equation,


    0.04*300*t = 8


    t =  =  =  of the year, which is about 8 months.    ANSWER

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See the lesson
- Simple interest percentage problems
in this forum.

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