Asked by Amethyst
A $4,500 loan, taken now, with a simple interest rate of 6% per year, will require a total repayment of $5,040. At what time t will the loan mature?
Answers
Answered by
Henry
P = Po + Po*r*t = $5,040.
4500 + 4500*0.06*t = 5040. t = ?.
4500 + 4500*0.06*t = 5040. t = ?.
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