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The principal on a loan is $5000, the interest rate is 3.6% and the simple interest is $900.00. How long was the loan?

The principal on a loan is $5000, the interest rate is 3.6% and the simple interest is $900.00. How long was the loan?
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3 votes
The principal on a loan is $5000, the interest rate is 3.6% and the simple interest is $900.00. How long was the loan?

User Tjugg
by
8.3k points

1 Answer

2 votes
I = Prt
t = I/(Pr)
t = $900/($5000*.036) = 5 . . . years
User Vivek Salve
by
8.4k points
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