SOLUTION: If a loan of $30,000 had a simple rate of 3.5% and there was $10,500 in terest how long did it take to repay the loan?

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Question 835509: If a loan of $30,000 had a simple rate of 3.5% and there was $10,500 in terest how long did it take to repay the loan?
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
simple interest equation is:
30,000 * .035 * x = 10,500
divide both sides of this equation by (30,000 * .035) to get:
x = 10,500 / (30,000 * .035)
simplify to get:
x = 10
it would take 10 years.
principal is equal to 30,000
interest is equal to .035 * 30,000 which is equal to 1050 per year.
10 * 1050 is equal to 10500