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Kip took out a loan for $750. He earned $60 in interest and his interest
rate was 4%. How long did he take to repay the loan?
1 year
2 years
2.5 years
3 years

Respuesta :

sqdancefan

9514 1404 393

Answer:

  (b)  2 years

Step-by-step explanation:

The interest formula is ...

  I = Prt . . . . interest rate r on principal P for t years

We can fill in the known values and solve for t.

  60 = 750·0.04·t

  60/30 = t = 2

The loan was repaid in 2 years.

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