document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1070074>Question 1070074</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Please Help! <BR>\n" );
document.write( "Compute the specified quantity.\r<BR>\n" );
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document.write( "$4,000 loan, taken now, with a simple interest rate of 6% per year, will require a total repayment of $5,440. At what time t will the loan mature?\r<BR>\n" );
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document.write( "Thank You </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #685173 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=685173\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Compute the specified quantity. $4,000 loan, taken now, with a simple interest rate of 6% per year, will require a total repayment of $5,440. <BR>\n" );
document.write( "At what time t will the loan mature?<BR>\n" );
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document.write( "A(t) = P(1+rt)<BR>\n" );
document.write( "5440 = 4000(1+0.06t)<BR>\n" );
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document.write( "1 + 0.06t = 1.36<BR>\n" );
document.write( "0.06t =0.36<BR>\n" );
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document.write( "t = 0.36/0.06<BR>\n" );
document.write( "t = 6 years<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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