SOLUTION: Richard took a loan of $10,000 at a rate of 7%. If he paid $1,400 in interest, how many years did it take him to pay back the loan?
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Question 444181: Richard took a loan of $10,000 at a rate of 7%. If he paid $1,400 in interest, how many years did it take him to pay back the loan? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Rate, r = 7%=0.07
Loan, p =10,000
Interest, i = 1400
i=p*r*t
1400=10000*0.07*t
1400/(0.07*10000)=t
t= 2 years
