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Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?
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Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?

User Shadrack
by
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2 Answers

3 votes

Answer:It took Bobby 3 yrs to pay back his loan

Explanation:

User Tpdi
by
8.2k points
2 votes
Amount = $680

Principal = $500

Interest = 680 - 500 = 180

Rate = 12% Simple annual interest.

I = PRT

180 = 500*12% * Time

180 = 500 * 0.12 * T

180 / (500*0.12) = T

3 = T

T = 3 years.

It took Bobby 3 years to pay back the loan.
User Chef
by
8.0k points
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