<PRE><B>Question 58476</B>
Determine the time is will take to pay back 200$ at a 5% interest rate each year if you make interest payments of 60$.
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I=PRT
60=200(0.05)T
60=10T
T= 6 years
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Comment: I is the interest you earn, not the interest you pay.
If you invest $200 for six years at 5% sinple interest you
would earn $60 interest.
Cheers,
Stan H.</PRE>