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OpenStudy (anonymous):
Hector needs to borrow $20000 to pay a contractor for a home addition. The bank is offering him a 4.8% simple interest loan and is charging $4800 in interest during the life of the loan. How long is the life of the loan?
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OpenStudy (anonymous):
4800=.048(20000)x 4800=960x 5=x so 5 years
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