vanessagallegos9465 vanessagallegos9465
  • 28-10-2019
  • Mathematics
contestada

Zoe takes out a discounted loan for $1,200 at a simple interest rate of 6%, but only receives $1,020 into her bank account. What's the duration of the loan?

Respuesta :

windyyork windyyork
  • 30-10-2019

Answer: The duration of the loan is approximately 2.5 years.

Step-by-step explanation:

Since we have given that

Principal = $1200

Rate of interest = 6%

Interest = $1020

We need to find the duration of the loan.

As we know the formula for "Simple interest":

[tex]I=\dfrac{P\times R\times T}{100}\\\\180=\dfrac{1200\times 6\times T}{100}\\\\180=12\times 6T\\\\\dfrac{180}{72}=T\\\\T=12.5\ yrs[/tex]

Hence, the duration of the loan is approximately 2.5 years.

Answer Link
jessid08 jessid08
  • 24-08-2020

Answer:30 months

Step-by-step explanation:

Answer Link

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