Question

James paid off the loan on his motorboat in the year 2006. He originally borrowed $6,500 to buy the boat, but with simple annual interest, he discovered that he paid a total of $8,775 over the life of the loan. If James annual interest rate was 7%, in what year did his loan begin?

Answer 1

its 2001 hope this is helpfull! :D

Explanation:

dont have one

Answer 2

Find Interest by 8775-6500 then Use the formula I=PRT divided by 100 to find the time(T) subtract these years/time from 2006 and u will get the answer.Regards :)