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

8 votes

4.3k points

Please log in or register to add a comment.

4 votes

Answer:

5.5 years

Explanation:

3,000 × .12 = 360 (annual interest)

1,980 ÷ 360 = 5.5 or 5 1/2 years

4.1k points

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

4.5m questions

5.7m answers