The cost of interest of a 3,000 loan at 12% interest per year is 1980.00. What is the term length for this loan in years

asked Sep 11, 2022 67.0k views

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Answer:

5.5 years

Explanation:

3,000 × .12 = 360 (annual interest)

1,980 ÷ 360 = 5.5 or 5 1/2 years

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