Question 30194: a father loaned his daughter 12,200 at a 2% annual simple interest rate for a down payment on a house. if the intrest on the loan amounted to 610.00 for how long was the loan
Answer by ikdeep(226)   (Show Source):
You can put this solution on YOUR website! This is the case of Simple interest or SI so we use the formulae
SI = PRT/100
here P = principle,
R = rate of interest
T = time
SI = simple interet
in the question we are given ,,,,
principle = 12,200
rate of interest = 2%
time = ?(we need to find)
simple interest = 610.00
so just apply these deatils in the above formula and you will get your answer..
Still if you won't be able to solve further, contact me again.
hope this will help you
Please feel free to revert back for any further queries.
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