Question

Your interest is $72, your principal is $600 and the rate is 4%. How much time will you need to pay off the loan?

Answer 1

3 years

Explanation:

A=P( 1+rt)

A= Total amount

P= Principal

r = yearly interest

t= time in year

672=600(1+0.04t). Distribute

672=600+600x0.04t

72= 24t

t= 3 years