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What is the length of time a loan will last if it has a rate of .02, a principal of $500, and it accrued $60 of interest? Interest= Principal * Rate * Time. How would you reduce the time of the loan.
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What is the length of time a loan will last if it has a rate of .02, a principal of $500, and it accrued $60 of interest? Interest= Principal * Rate * Time. How would you reduce the time of the loan.

User Uniruddh
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1 Answer

7 votes
6 years, 500*.02=10, then multiply by 6 to get $60.
User Viuser
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