Heather borrowed $7000 from a leader that charged simple interest rate at an annual rate of 9%. When heather paid off the loan s

Question

3 years ago

8

he laid $3150 in interest. How many years was the loan for

2 answers:

zavuch27 [327] · Answer 1 · 2022-05-23T22:35:24+03:00

Answer:

5 years

Step-by-step explanation:

The formula for the amount of simple interest (I) at rate r on principal P for t years is ...

I = Prt

Filling in the given numbers and solving for t, we have ...

3150 = 7000·0.09·t

3150/630 = t = 5 . . . . . divide by the coefficient of t

The loan was for 5 years.

Ierofanga [76] · Answer 2 · 2022-05-24T01:03:24+03:00

Answer: the duration of the loan was 5 years.

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount taken as loan

R represents interest rate

T represents the duration of the loan in years.

From the information given,

P = 7000

R = 9%

I = 3150

Therefore,

3150 = (7000 × 9× T)/100

3150 = 630T

T = 3150/630

T = 5