document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=831306>Question 831306</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 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? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #501283 by </B><A HREF=/tutors/aboutme.mpl?userid=JulietG><B>JulietG(1812)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=JulietG><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=JulietG><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=501283\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A man who borrows money at 16% is not smart enough to be going to college :-X.  That's usurious.<BR>\n" );
document.write( ".<BR>\n" );
document.write( "Simple interest means we aren't compounding anything.<BR>\n" );
document.write( "6000 * .16 = 960 interest PER YEAR<BR>\n" );
document.write( "Therefore, he paid 960/12 each month -- $80<BR>\n" );
document.write( "How many months to get to 750?<BR>\n" );
document.write( "Divide 750 by 80 to get 9.375 months </SPAN>\n" );
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