. Richard took a loan of 10,000 at a rate of 4%. If he paid $16,00 in interest, how many years did it take him to pay back the loan?
math - Ms. Sue, Monday, August 6, 2012 at 9:24pm
I assume he paid $1600 in interest.
I = PRT
1600 = 10,000 * 0.04 * t
Solve for t.