A $3,500 loan, taken now, with a simple interest rate of 5% per year, will require a total repayment of $3,850. At what time t w

Question

3 years ago

14

ill the loan mature?

2 answers:

Alecsey [184] · Answer 1 · 2022-09-18T06:03:48+03:00

5 0

Answer:

Roughly 2 years

Step-by-step explanation:

3500(1.05)^t=3850

(1.05)^t=1.1

t=1.953

So roughly 2 years

Lapatulllka [165] · Answer 2 · 2022-09-18T07:07:44+03:00

i think this is it?

The simple annual interest formula shows the interest charged on a loan.

To solve follow the formula - I = Prt

P is the principle, r is the annual interest in decimal form and t is the loan period.

I = ?

P principle = 3500

R interest rate = 0.05

T time 1 year

I=3,500×0.05×1

I=175

The answer is $175, so the amount of interest charged on the loan in one year is $175.