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In Math / Senior High School | 2024-09-05

If a loan is take out for 15900at 9% and cost 8586 how long was loan for?

Asked by simeonrosemarie7

Answer (1)

Given: I = 8586; P = 15,900; R = 9% → 0.09Formula: T = Is/((P)(R))Solution:T= Is/(P)(R)→ T = 8586/(15,900*0.09)→ T = 8586/1431→ T = 6 ∴ The loan was taken out for 6 years.

Answered by haymeist | 2024-09-05

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