Answered: A man needed money for college. He…

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?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.50TI: Susana invested a principal of $36,000 in her bank account that earned simple interest at an...

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Question

100%

A man needed money for college. He borrowed

$7,000

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.

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