Assume that all interest is simple interestBerger Car rental borrow $8500 at 4% interest to cover the increase cost of the auto
insurance find the term of the loan if the interest is $170.
1 answer:
we know that
The formula of simple interest is equal to

In this problem
we have
I=$170
P=$8,500
r=4%=4/100=0.04
t=?
substitute given values in the formula

therefore
0.5 years=6 months
<h2>The answer is 6 months</h2>
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