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Scrat [10]
3 years ago
10

The cost of interest of a $3,000 loan at 12% interest per year is $1003.80.

Mathematics
1 answer:
loris [4]3 years ago
5 0

9514 1404 393

Answer:

  2.79 years

Step-by-step explanation:

If we assume simple interest, the interest amount is computed from ...

  I = Prt

Then the length t is ...

  t = I/(Pr)

  t = 1003.80/(3000×0.12) ≈ 2.788333...

The term of the loan is about 2.79 years.

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