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Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 2.6% loan. Frederick doesn't want to pay more than $312 in interest. How many years does Frederick have to pay back the loan?

Respuesta :

Step 1

Find the interest on the loan to his uncle every year.

[tex]3000\times0.026\text{ = \$78 interest per year}[/tex]

Step 2

Find the number of years it will take him to payback

[tex]=\frac{312}{78}=\text{ 4 years}[/tex]

Therefore, it will

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