Richard took a loan of $10,000 at a rate of 7%. If he paid $14,00 in interest, how many years did it take him
Favorites|Homepage
Subscriptions | sitemap
HOME > Mathematics > Richard took a loan of $10,000 at a rate of 7%. If he paid $14,00 in interest, how many years did it take him

Richard took a loan of $10,000 at a rate of 7%. If he paid $14,00 in interest, how many years did it take him

[From: ] [author: ] [Date: 11-05-06] [Hit: ]
I think it is supposed to be 1400 in interest, which would mean he paid for a 2 year loan.......
to pay ck the loan?

-
you really need to say if these are simple interest or compound interest problems

if simple interest
I = Prt
14000 = 10000 * .07 * t
14000 = 700t
14000 / 700 = t
20 = t

or did you mean 1,400 in interest
1400 = 700t
2 = t

-
OK

10,000 @ 7% interest is $700 in interest per year.

If that number is $1400 - then he took the loan a 2 year loan.
If that number is $14,000 - then he took the loan for 20 years.

I think it is supposed to be 1400 in interest, which would mean he paid for a 2 year loan.
1
keywords: at,did,14,000,took,him,years,in,take,it,of,rate,Richard,paid,00,10,If,interest,many,loan,7%,how,he,Richard took a loan of $10,000 at a rate of 7%. If he paid $14,00 in interest, how many years did it take him
New
Hot
© 2008-2010 http://www.science-mathematics.com . Program by zplan cms. Theme by wukong .