tiwontheballer6151 tiwontheballer6151

31-01-2021
Mathematics

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Your interest is $72, your principal is $600 and the rate is 4%. How much time will you need to pay off the loan?

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sezo786 sezo786

31-01-2021

Answer:

3 years

Step-by-step explanation:

A=P( 1+rt)

A= Total amount

P= Principal

r = yearly interest

t= time in year

672=600(1+0.04t). Distribute

672=600+600x0.04t

72= 24t

t= 3 years

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