document.write( "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. \n" ); document.write( "

Algebra.Com's Answer #367363 by JBarnum(2146) $\"\"$ $\"About$

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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.\r
\n" ); document.write( "\n" ); document.write( "6%of 60000= 360 meaning total of 6360
\n" ); document.write( "so if its 6% a month its something like
\n" ); document.write( "pay the 50 first month
\n" ); document.write( "6360-50=6310 *.06=6688.6
\n" ); document.write( "6688.6-50=6638.6 shed never pay it off so i doubt this method
\n" ); document.write( "say just simple interes of 6% no per month or year.
\n" ); document.write( "6%of 60000= 360 meaning total of 6360
\n" ); document.write( "6360/50=127.2 months
\n" ); document.write( ".2*30=6 days
\n" ); document.write( "127/12=10.58
\n" ); document.write( "10years 7months 6days\r
\n" ); document.write( "\n" ); document.write( "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\r
\n" ); document.write( "\n" ); document.write( "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. \n" ); document.write( "

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