If the interest paid was $1428 on a principal of $5100 and an interest rate of 4%, how many years was the loan for?
1 answer:
Answer:
7 years
Step-by-step explanation:
Use the formula I=Prt
Convert 4% to a decimal. 4% = 0.04
1428 = 5100(.04)t
1428 = 204t
1428/204 = 204t/204
t = 7 years
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