Question

If a loan is taken out for $991 at 3% and cost 267.57 dollars how long was the loan for

Answer 1

9 years.

Explanation:

First, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year,

then, solving our equation

t = 267.57 / ( 991 × 0.03 ) = 9

t = 9 years

The time required to

accumulate simple interest of $ 267.57

from a principal of $ 991.00

at an interest rate of 3% per year

is 9 years.