SOLUTION: A man needed money for college. He borrowed $6,000 at 16% simple interest per year. If he paid $720 interest, what was the duration of the loan?
Question 831306: A man needed money for college. He borrowed $6,000 at 16% simple interest per year. If he paid $720 interest, what was the duration of the loan? Answer by JulietG(1812) (Show Source):
You can put this solution on YOUR website! A man who borrows money at 16% is not smart enough to be going to college :-X. That's usurious.
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Simple interest means we aren't compounding anything.
6000 * .16 = 960 interest PER YEAR
Therefore, he paid 960/12 each month -- $80
How many months to get to 750?
Divide 750 by 80 to get 9.375 months
