SOLUTION: john needed money for college. he borrowed $7500 at 6% simple interest per year. if he paid $180 interest, what was the duration of the loan.
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Question 1015940: john needed money for college. he borrowed $7500 at 6% simple interest per year. if he paid $180 interest, what was the duration of the loan. Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! The formula for finding simple interest is
I = prt
Here we are looking for t, in years, so
t = I / pr = 180 / (7500)(.06) = 0.4 years
