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1 vote
How many years would it take a 6000$ loan at 5% to earn 12000$ in interest?

User Ramadan
by
7.6k points

1 Answer

2 votes

Answer: 15 years

Step-by-step explanation:

6000 x 1.05^x = 12000

1.05^x=2

log(1.05^x)=log(2)(Take log of both sides)

x*(log(1.05))=log(2)

x= log(2)

log(1.05)

x=14.206699

15 years

User Gerard Jaryczewski
by
8.5k points
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