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
ill the loan mature?
2 answers:
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
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.
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