Question

Dave borrowed $6200 from his uncle with simple interest of 11%

and eventually repaid $8928 (principal and interest. What was the
time period of the loan?

Answer 1

The time period of the loan was approximately 1.36 years.

Step-by-step explanation:

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

Interest = Principal × Rate × Time

Given that Dave borrowed $6200 with a simple interest of 11% and eventually repaid $8928 (principal and interest), we can plug in the values into the formula:

8928 = 6200 × 0.11 × Time

Dividing both sides of the equation by 6200 × 0.11, we get:

Time = 8928 / (6200 × 0.11)

Calculating the time, we find that:

Time ≈ 1.36 years

Therefore, the time period of the loan was approximately 1.36 years.