A man needed money for college. He borrowed $7,000 at 16% simple interest per year. If he paid $840 interest, what was the duration of the loan?
A man needed money for college. He borrowed $7,000 at 16% simple interest per year. If he paid $840 interest, what was the duration of the loan?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A man needed money for college. He borrowed
$7,000
at
16%
simple interest per year. If he paid
$840
interest, what was the duration of the loan?
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The duration of the loan is ___ a year.
(round to 2 decimal places as needed)
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