Question

Frank borrowed $800 from a lender that charged simple interest at an annual rate of 4%. When Frank paid of the loan, he paid $128 in interest How long was the loan for, in years?

Answer 1

4 years

Explanation:

800 x 0.04 = 32

128 ÷ 32 = 4

4 years

...

4% = 0.04 because of 4 ÷ 100