Question

Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 4.2% loan. Frederick doesn't want to pay more than $756 in interest. How many years does Frederick have to pay back the loan?

Answer 1

6 years.

Explanation:

3000 x .042 = 126.

756 / 126 = 6

3000 x .042 x 6 = 756.

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