7. The simple interest on a $2,000 loan at 6% per year amounted to $720. At...

7. The simple interest on a $2,000 loan at 6% per year amounted to $720. At what time (t) did the loan mature?

Solutions

Expert Solution

Simple interest=Principal*Interest rate*time period

720=2000*6%*time period

720=120*time period

time period=(720/120)

=6 years

jeff jeffy answered 1 year ago

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