ririqueen ririqueen

17-04-2021
Mathematics

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The cost of interest of a $3,000 loan at 12% interest per year is $1003.80.
What is the term length for this loan in years?

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sqdancefan sqdancefan

17-04-2021

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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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