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18-08-2020
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On an 8% straight term loan of $6,071 the borrower paid total interest of $1,700. What is the term of the loan?

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20-08-2020

Answer:

Time taken for loan (T) = 42 mount

Explanation:

Given:

Rate of interest (r) = 8% = 0.08

Loan amount (P) = $6,071

Interest amount (I) = $1,700

Find:

Time taken for loan (T)

Computation:

I = PRT

1,700 = [6,071][0.08][T]

T = 1700 / 485.68

T = 3.5 year

Time taken for loan (T) = 3.5 × 12

Time taken for loan (T) = 42 mount

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