Kip took out a loan for $750. He earned $60 in interest and his interest rate was 4%. How long did he take to repay the loan? 1

Question

Kip took out a loan for $750. He earned $60 in interest and his interest
rate was 4%. How long did he take to repay the loan?
1 year
2 years
2.5 years
3 years

in progress 0
Sigridomena 4 years 2021-08-31T13:43:59+00:00 1 Answers 14 views 0

Answers ( )

  1. Latifah
    0
    2021-08-31T13:45:48+00:00
    Reply

    9514 1404 393

    Answer:

      (b)  2 years

    Step-by-step explanation:

    The interest formula is …

      I = Prt . . . . interest rate r on principal P for t years

    We can fill in the known values and solve for t.

      60 = 750·0.04·t

      60/30 = t = 2

    The loan was repaid in 2 years.

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