SOLUTION: Hector needs to borrow $20000 to pay a contractor for a home addition. The bank is offering him a 4.8% simple interest loan and is charging $4800 in interest during the life of the
Algebra.Com
Question 654455: Hector needs to borrow $20000 to pay a contractor for a home addition. The bank is offering him a 4.8% simple interest loan and is charging $4800 in interest during the life of the loan. How long is the life of the loan
Answer by MollyJoo(1) (Show Source): You can put this solution on YOUR website!
RELATED QUESTIONS
sonja needs to borrow $2,251 to pay for her college classes. Sallie Mae is offering her a (answered by josmiceli)
Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to... (answered by Theo)
Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to... (answered by ewatrrr)
Your friend needs a loan of $4,000 for 2 months. You tell him for the simple interest... (answered by jim_thompson5910)
You want to get a home loan for $240,000. The bank is offering a 3% interest rate for 15... (answered by ikleyn)
Anastasia was trying to decide which investment plan would be best over 10 years. Bank A... (answered by ikleyn)
Anastasia was trying to decide which investment plan would be best over 10 years. Bank A... (answered by ikleyn)
Lynne needs to borrow $6250 for cosmetic surgery. She obtains a loan from her grandmother (answered by ikleyn)
You borrow $1200 to buy a piano. The simple interest rate is 12%. You pay off the loan... (answered by josmiceli)