SOLUTION: 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?

Question 831306: 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?
Answer by JulietG(1812) (Show Source): You can put this solution on YOUR website!
A man who borrows money at 16% is not smart enough to be going to college :-X. That's usurious.
.
Simple interest means we aren't compounding anything.
6000 * .16 = 960 interest PER YEAR
Therefore, he paid 960/12 each month -- $80
How many months to get to 750?
Divide 750 by 80 to get 9.375 months
RELATED QUESTIONS
john needed money for college. he borrowed $7500 at 6% simple interest per year. if he... (answered by fractalier)

A man borrowed $650 from the bank for one year. He paid $94.25 in interest. What was the... (answered by richwmiller)

A business borrowed $2,400 at 7% simple interest per year to buy new tables. If it paid... (answered by stanbon)

A man borrowed ₹18,000 from his friend at 7% per annum simple interest. He returned (answered by Theo,MathTherapy)

A man paid the bank $4,080 at the end of 3 years. This was the amount borrowed plus 12%... (answered by Paul)

A man borrowed a sum of $1750. Find the amount he had to pay back at the end of 2 years... (answered by Boreal,MathTherapy)

Jacques borrows a total of $13,500. Part of the money is borrowed from a bank that... (answered by addingup)

A man borrowed rs. 35000 for one-year. One part of it was taken at the rate of 12% p.a.... (answered by mananth)

A guy borrowed some money for 2 years at 6% simple interest. If he had to pay back... (answered by LearnWithMajor)