Question

Dave borrowed $7200 from his uncle with simple interest of 9% and eventually repaid $9792 (principal and interest). What was the time period of the loan?

a) 3 years
b) 4 years
c) 5 years
d) 6 years

Answer 1

Answer: i think b

Step-by-step explanation:

Answer 2

The time period of the loan is 4 years.

Step-by-step explanation:

To find the time period of the loan, we can use the simple interest formula:

I = P * r * t

where:
I is the total interest
P is the principal amount
r is the interest rate (as a decimal)
t is the time period

In this case, Dave borrowed $7200 at an interest rate of 9%, and eventually repaid $9792. The interest can be found by subtracting the principal from the total amount repaid:
I = $9792 - $7200 = $2592

Plugging in the values into the formula, we get:
$2592 = $7200 * 0.09 * t

Simplifying the equation:
t = $2592 / ($7200 * 0.09)
t = $2592 / $648

t = 4 years