Question

A computer is selling for $883 the finance value is $1077.26 under an 11% simple interest loan what is the length of the loan

Answer 1

The length of the loan was 2 years.

Explanation:

Given that a computer is selling for $ 883, and the finance value is $ 1077.26 under an 11% simple interest loan, to determine what is the length of the loan, the following calculation must be performed:

883 x 0.11 = 97.13

(1077.26 - 883) / 97.13 = X

194.26 / 97.13 = X

2 = X

Therefore, the length of the loan was 2 years.