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A loan of $8.000 accumulates simple interest at an annual interest rate of 5%. After how many years does the value the loan become $9.200?
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A loan of $8.000 accumulates simple interest at an annual interest rate of 5%. After how many years does the value the loan become $9.200?

User Acobster
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8.3k points

1 Answer

8 votes
8,000x.05=400 so 400x3=1,200
1,200 + 8,000=9,200
So 3 years
User Deepinder Singh
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7.9k points
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