Question 1110937
{{{ P + I = 680 }}}
{{{ P = 500 }}}
{{{ I = 680 - 500 }}}
{{{ I = 180 }}}
--------------------------
Use simple interest formula
{{{ I = P*r*t }}}
{{{ 180 = 500*.12*t }}}
{{{ 180 = 60t }}}
{{{ t = 3 }}}
----------------
It takes him 3 yrs to pay off the loan