Post a New Question

Finite Math

posted by on .

Kathy borrowed $800 at 6% interest. The amount of interest paid was $144. What was the length of the loan?

  • Finite Math - ,

    let the time be n years, assuming that compound interest is used.

    800(1.06)^n = 944
    1.06^n = 1.18
    take log of both sides, and use log rules

    n log 1.06 = log 1.18
    n = log1.18/log1.06 = appr 2.84 years

Answer This Question

First Name:
School Subject:

Related Questions

More Related Questions

Post a New Question