Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?
Answers
Answered by
49
one year interest of the 500$ loan on 12% rate.
500/100×12=60$
Total Interest= Amount paid back - principle amount
total intrest = 680 -500=180 $
total time = 180/60= 3 years
So the man takes " 3 " years to pay back all the money he had borrowed.
500/100×12=60$
Total Interest= Amount paid back - principle amount
total intrest = 680 -500=180 $
total time = 180/60= 3 years
So the man takes " 3 " years to pay back all the money he had borrowed.
Answered by
32
680-500=180$
180/60=3$
3 year
180/60=3$
3 year
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