future value for simple interest

a 5000 loan, taken now with a simple interest rate of 4% per year, will require a total repayment of 5400dllrs. After how many years t will the loan mature?

1. 👍 0
2. 👎 0
3. 👁 204
1. I = PRT

400 = 5,000 * 0.04 * t

Solve for t.

1. 👍 0
2. 👎 0
2. 2 years

1. 👍 0
2. 👎 0
posted by rosie
3. Right.

1. 👍 0
2. 👎 0

Similar Questions

1. MAth

A \$4,500 loan, taken now, with a simple interest rate of 6% per year, will require a total repayment of \$5,040. At what time t will the loan mature?

asked by Amethyst on February 21, 2016
2. Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
3. Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
4. Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
5. Finance

you have contacted a number of dearlerships to determine the best interest rate on a new car loan, dealship quoted a 5 year, 10% loan in the amount of \$35,000 that will require monthly payments. What is the monthly loan payment.

asked by Miller on March 19, 2013
1. Mortgage Class

A borrower received a 30-year ARM mortgage loan for \$120,000. The start rate was 3.50% and the loan adjusts every 12 months for the life of the mortgage. Rate caps are 3/2/6. The index used for this mortgage is the LIBOR. For this

asked by Pauline Holcomb on May 3, 2012
2. Loans

A borrower received a 30-year ARM mortgage loan for \$120,000. Rate caps are 3/2/6 (first adjustment/subsequent adjustments/total over the life of the loan). The start rate was 3.50% and the loan adjusts every 12 months for the

asked by Donna on November 5, 2013
3. math

Belle had the choice of taking out a four year car loan at 8.5% simple interest or a Five year loan at 7.75% simple interest. If she borrows \$15,000, how much interest would she pay for each loan? Which option requires less

asked by Ali on September 8, 2014
4. math

the total amount of interest on this loan of \$6000 for 150 days is \$210.50. what is the rate of interest on this loan? If not compounded, or simple interest, then Interest=Principal(rateinterest)*time Here time is 5/12 of a year,

asked by Haydee on August 21, 2006
5. math

using simple interest on a loan at 8.4% for one year making monthly payments. Find the APR on a \$5000 loan.

asked by Scott on July 31, 2013

More Similar Questions