Question
a 5000 loan, taken now with a simple interest rate of 4% per year, will require a total repayment of 5400dllrs. After how many years t will the loan mature?
Answers
Ms. Sue
I = PRT
400 = 5,000 * 0.04 * t
Solve for t.
400 = 5,000 * 0.04 * t
Solve for t.
rosie
2 years
Ms. Sue
Right.