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?

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asked by rosie
  1. I = PRT

    400 = 5,000 * 0.04 * t

    Solve for t.

  2. 2 years

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    posted by rosie
  3. Right.

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