Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?
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I= PRT
680-500 = 500 x 0.12 x T (Interest= Future value - Pricipal)
180 = 60T
T=180/60
T=3 years
680-500 = 500 x 0.12 x T (Interest= Future value - Pricipal)
180 = 60T
T=180/60
T=3 years
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