Question

Ann borrowed $3000 from a lender that charged simple interest at an annual rate of 7% When Ann paid off the loan, she paid $420 in interest. How long was the loan for, in years?

Answer 1

it was a 2 year loan with $210 contributed each year

Step-by-step explanation:

you take 7 percent of 300 which is 210 and see how many times it goes into the total interest amount and then your answer is how many years the loan was for