SOLUTION: If a loan of $30,000 had a simple rate of 3.5% and there was $10,500 in terest how long did it take to repay the loan?

Question 835509: If a loan of $30,000 had a simple rate of 3.5% and there was $10,500 in terest how long did it take to repay the loan?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
simple interest equation is:
30,000 * .035 * x = 10,500
divide both sides of this equation by (30,000 * .035) to get:
x = 10,500 / (30,000 * .035)
simplify to get:
x = 10
it would take 10 years.
principal is equal to 30,000
interest is equal to .035 * 30,000 which is equal to 1050 per year.
10 * 1050 is equal to 10500

RELATED QUESTIONS
You take out a loan of $15,000 to purchase a car. If your loan is for 3 years at a... (answered by Boreal,MathTherapy)

Use a model to determine the amount owed on a loan of $5,000 with simple interest of... (answered by mananth)

Zondo family uses a loan of R8500. they repay the loan in one amount at the end of 3... (answered by TimothyLamb)

You want to borrow $600,000 to buy an apartment, and you can only afford $4,000 a month... (answered by Theo)

A Php 50,000 loan is payable in 3 years. To repay the loan, the debtor must pay an amount (answered by Theo)

This is a second submittal for the first problem. Adding the second problem in this... (answered by ikleyn)

You use the following model to determine the amount owed on a loan of $5,000 with simple... (answered by josmiceli)

Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% (answered by Boreal)

For a car loan using simple interest at a given rate, the amount of interest charged... (answered by mananth,MathTherapy,greenestamps,ikleyn)