# math

. 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?

1. 👍 0
2. 👎 0
3. 👁 106
1. I assume he paid \$1600 in interest.

I = PRT

1600 = 10,000 * 0.04 * t

Solve for t.

1. 👍 0
2. 👎 0

## Similar Questions

1. ### math

Richard took a loan of \$10,000 at a rate of 5%. If he paid \$2,500 in interest, how many years did it take him to pay back the loan?

asked by mandi on August 6, 2012
2. ### APR Problem

After visiting several automobile dealerships, Richard selects the car he wants. He likes its \$11,000 price, but financing through the dealer is no bargain. He has \$2,200 cash for a down payment, so he needs an \$8,800 loan. In

asked by MM on March 9, 2017
3. ### finance

Richard likes the car price of \$10,000 but financing through the dealer is no bargain.He has \$2,000 for a down payment,so he needs \$8,000 for the loan.Richard borrows \$8000 for a period of four years at an add on intrest rate of

asked by tina on January 31, 2011
4. ### Transitional Math

Richard took a loan of \$10000 at a rate of 5%. If he paid \$2500 in interest, how long did it take him to pay off the loan?

asked by Troy on December 5, 2010
5. ### math

Richard took a loan of \$10000 at a rate of 4%. If he paid \$1600 in interest, how many years did it take to pay back the loan?

asked by betty on September 23, 2011
1. ### Math

Richard purchased a car for \$39,905. He made a downpayment of \$15,000 and paid \$614 monthly for 4 years. Find the APR. Richard was able to payoff the loan at the end of 30 months. Using the Actuarial method find he unearned

asked by Latrice on April 12, 2016
2. ### Math

Suppose you borrowed \$25,000 for a car at an APR of 8%, which you are paying off with monthly payments of \$510 for 5 years. a) What’s the loan principal? b) What’s the annual interest rate? c) How many payments do you make in

asked by Emilio on February 21, 2016
3. ### finance

You take out a 30- yr mortgage loan, purchase price is \$120,000 put \$20,000 down and finances the balance of \$100,000 at fixed annual loan rate of 12%, what will be your monthly payment? How much total interest will you have paid

asked by tj on May 4, 2012
4. ### Economics

Calculate the total dollar amount paid for a house purchased for \$200,000. The buyer paid \$50,000 as down payment and the remaining \$150,000 was obtained with a closed mortgage having a 25 year loan at 10% interest compounded

asked by John on June 24, 2013
5. ### Mathematics of Finance

Richard borrowed 170000 dollars from his bank to help finance the purchase of a house. The bank charges interest a rate of 8.9 percent per year compounded monthly. Richard has agreed to repay the loan in equal monthly installments

asked by Lee on March 9, 2013

More Similar Questions