SOLUTION: Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 3.5% simple interest loan. Frederick doesn’t want to pay more than $21
Algebra ->
Polynomials-and-rational-expressions
-> SOLUTION: Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 3.5% simple interest loan. Frederick doesn’t want to pay more than $21
Log On
Question 623880: Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 3.5% simple interest loan. Frederick doesn’t want to pay more than $210 in interest. How many years does Frederick have to pay back the loan with interest? Answer by Theo(13342) (Show Source):
You can put this solution on YOUR website! 3000 * .035 = 105 interest each year.
210 / 105 = 2
he can take as many as 2 years to pay the loan.
3000 * .035 * 2 = 210
