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Scorpion4ik [409]
3 years ago
11

Zoe takes out a discounted loan for $1,200 at a simple interest rate of 6%, but only receives $1,020 into her bank account. What

's the duration of the loan?
Mathematics
2 answers:
grigory [225]3 years ago
7 0

Answer:30 months

Step-by-step explanation:

Step2247 [10]3 years ago
5 0

Answer: The duration of the loan is approximately 2.5 years.

Step-by-step explanation:

Since we have given that

Principal = $1200

Rate of interest = 6%

Interest = $1020

We need to find the duration of the loan.

As we know the formula for "Simple interest":

I=\dfrac{P\times R\times T}{100}\\\\180=\dfrac{1200\times 6\times T}{100}\\\\180=12\times 6T\\\\\dfrac{180}{72}=T\\\\T=12.5\ yrs

Hence, the duration of the loan is approximately 2.5 years.

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The complete question is added as an attachment

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