SOLUTION: Can someone confirm the solution for me. Using A=P(1+rt)
Find the term of a loan of $1,800 at 9.3% if the simple interest is $2,845.80.
I'm getting t= 6.247 or 6.25 years
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-> SOLUTION: Can someone confirm the solution for me. Using A=P(1+rt)
Find the term of a loan of $1,800 at 9.3% if the simple interest is $2,845.80.
I'm getting t= 6.247 or 6.25 years
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Question 199323: Can someone confirm the solution for me. Using A=P(1+rt)
Find the term of a loan of $1,800 at 9.3% if the simple interest is $2,845.80.
I'm getting t= 6.247 or 6.25 years
Thank you! Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! If the total interest is $2845.80 total and the interest per year is 1800x0.093=167.40
2845.80/167.40=17 yrs.
If the total interest is 2845.80-1800=1045.80
then 1045.80/167.40=6.25 yrs
Your answer does not fit your question.
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