SOLUTION: I loaned a friend $6,000.00 she said she would pay me 6% interest. She is paying me back at the rate of $50.00 a month. How long will it take for her to pay me back the princ

Question 569557: I loaned a friend $6,000.00 she said she would pay me 6% interest. She is paying me back at the rate of $50.00 a month. How long will it take for her to pay me back the principal and interest.
Found 2 solutions by ankor@dixie-net.com, JBarnum:
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
I loaned a friend $6,000.00 she said she would pay me 6% interest.
She is paying me back at the rate of $50.00 a month.
How long will it take for her to pay me back the principal and interest.
:
About 184 months, 15 yrs, 4 months!
:
You might want ask her to step it up to $100 a month; that would cut it down to about 72 months which is only 6 years
:
And she would pay about $2000 less interest
Answer by JBarnum(2146) (Show Source): You can put this solution on YOUR website!
well is the interest per month or year also is it compound interest or simple interest...without these variables its not possible to get the correct answer unless you want 4 answers to the question. please make sure the question has its specifics or its an incomplete question or ask for all 4 possibilities.
6%of 60000= 360 meaning total of 6360
so if its 6% a month its something like
pay the 50 first month
6360-50=6310 *.06=6688.6
6688.6-50=6638.6 shed never pay it off so i doubt this method
say just simple interes of 6% no per month or year.
6%of 60000= 360 meaning total of 6360
6360/50=127.2 months
.2*30=6 days
127/12=10.58
10years 7months 6days
the principle is simple 50*12months=600, 600*10years=6000, so 10 years for simple interest payback of the principle. another 7months and 6 days for the simple interest...idont know if this is the answer you arelooking for but good luck
either way i wouldnt lend someone 6 grand if they only paying me back 50 bucks a month or id charge compound interest atleast because of how long it takes them to pay it back but its just a question.
RELATED QUESTIONS
Hello! This is a very difficult question for me, considering the wording confuses me.... (answered by Alan3354,mananth)
Direction: Solve the following problems using inverse function. Show your solution. 1. (answered by ikleyn)
Kara wants to remodel her kitchen. She budgets $25,000 for the job. Her bank is offering... (answered by mananth)
A real estate company sells their premium house model at 2,500,000.00 PHP. One can pay it (answered by ikleyn)
April loaned her friend 750 to buy guitar he agreed to pay back the money with 5% annual... (answered by Theo)
A bank loaned out P 23,000, part of it at the rate of 5% annual interest, and the rest at (answered by ikleyn)
test walks 2km by 6:00 a.m.she walks 4km by 8:00 a.m. if she continues at this rate,how... (answered by amarjeeth123)
Is it D? I want to check my answer. Esme earns a net salary of $2,400 per month. She... (answered by MathLover1)
1.Marina had an accident with her car and the repair bill came to $800. She didn�t have... (answered by ikleyn)