James paid off the loan on his motorboat in the year 2006. He originally borrowed $6,500 to buy the boat, but with simple annual

Question

4 years ago

13

James paid off the loan on his motorboat in the year 2006. He originally borrowed $6,500 to buy the boat, but with simple annual

interest, he discovered that he paid a total of $8,775 over the life of the loan. If James annual interest rate was 7%, in what year did his loan begin?

Mathematics

2 answers:

ale4655 [162] · Answer 1 · 2022-01-13T18:19:20+03:00

ale4655 [162]4 years ago

7 0

5 years as 6500 at a rate of 7% or 455 more dollars a year has to cover a monetary gap of $2275. divide 2275 by 455 and get a nice even 5 years

N76 [4] · Answer 2 · 2022-01-13T20:12:30+03:00

N76 [4]4 years ago

7 0

Answer:

the answer is 2001

Step-by-step explanation:

*YEET*