SOLUTION: A loan of $4600 was amde at 7% simple interest. The interest paid was $483. What was the length of the loan? My answer is 1.5 years. thanks for looking it over with me.

Question 45862This question is from textbook Finite math
: A loan of $4600 was amde at 7% simple interest. The interest paid was $483. What was the length of the loan? My answer is 1.5 years. thanks for looking it over with me. This question is from textbook Finite math

Answer by tutorcecilia(2152) (Show Source): You can put this solution on YOUR website!
A loan of $4600 was amde at 7% simple interest. The interest paid was $483. What was the length of the loan? My answer is 1.5 years. thanks for looking it over with me.
I=prt [Use the equation for simple interest]
(483)=(4600)(.07)(t) [Plug-in the values]
483=322t [Solve for "t"]
483/322=t
1.5=t
.
.
Check by plugging (t=1.5) back into the original equation:
(483)=(4600)(.07)(1.5)
483=483 [Checks out]
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