Carlos borrowed $4000 from a lender that charged simple interest at an annual rate of 7%. When Carlos paid off the loan, he paid $560 in interest. How was the loan for, in years?

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asked Dec 22, 2021 109k views

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Carlos borrowed $4000 from a lender that charged simple interest at an annual rate of 7%. When Carlos paid off the loan, he paid $560 in interest. How

was the loan for, in years?

Mathematics
college

Gjqeriqi asked

by Gjqeriqi

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1 Answer

2 votes

Answer:

it was 2 years

Explanation:

4000*7%= 280

280 for a year

280x=560

x= 2

Divyesh Prajapati answered Dec 26, 2021

by Divyesh Prajapati

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