Business and Finance

label Business & Finance
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A man need money for college. He borrowed $7000 at 12% simple interest per year. If he paid $360 interest, what was the duration of the loan? Round to two decimal places as needed.

Aug 28th, 2014

Interest = 7000*0.12 *t = 360

That is 70*12*t =360

t = 360/(70*12) =360/840 =3/7 years = 0.428 years = 12*0.428  months = 5.136 months = 5.14 months

Aug 28th, 2014

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