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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 (mathstudent55):
Simple interest equation: I = Prt where I = interest = $4800 P = principal amount = $20,000 r = rate = 4.8% = 0.048 t = time = unknown Plug everything into the equation and solve for t.
OpenStudy (anonymous):
thank you :)
OpenStudy (mathstudent55):
wlcm
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