A loan of $16,840 is borrowed at 9% simple interest and is repaid with $4,167.90 interest. What is the duration of the loan?
1 answer:
9514 1404 393
Answer:
2 3/4 years
Step-by-step explanation:
The interest is given by the formula ...
I = Prt . . . . . . principal P at annual rate r for t years
Solving for t gives ...
t = I/(Pr)
t = 4167.90/(16840×0.09) = 2.75
The duration of the loan is 2 3/4 years.
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