Question

=● RATIOS, PROPORTIONS, AND PERCENTSFinding the principal, rate, or time of a simple interest loan or...Try AgainYour answer is incorrect.Alonzo borrowed $800 from a lender that charged simple interest at an annual rate of 9%. When Alonzo paid off the loan, he paid $216 in interest. How longwas the loan for, in years?If necessary, refer to the list of financial formulas. I need help with this math problem please.

Answer 1

The simple interest rate formula is:

`A=P(1+rt)`

To find the total amount We add:

`A=800+216=1016`

To find the total of years We can clear the t variable in the equation like this:

`\begin{gathered} (A)/(P)-1=rt \\ ((A)/(P)-1)/(r)=t \end{gathered}`

So We will find the time as follows:

`t=((1016)/(800)-1)/(0.09)=3`

The loan was for 3 years.