Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 4.9% loan. Frederick doesn't want to pay more than $882 in interest. How many years does Frederick

Coppro asked May 12, 2023

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Coppro asked May 12, 2023

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14 votes

3000 x 0.049 = 147 interest each year.

882/ 147 = 6

He has 6 years to pay back the loan.

Adam Pflantzer answered May 17, 2023

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