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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 4.5% loan. Frederick doesn't want to pay more than $810 in int…

Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 4.5% loan. Frederick doesn't want to pay more than $810 in int…
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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 4.5% loan. Frederick doesn't want to pay more than $810 in interest. How many years does Frederick have to pay back the loan?

User Karthik Karuppannan
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9.3k points

1 Answer

2 votes
He has 6 years to pay back the loan.
User Nime Cloud
by
7.7k points
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