Question

bobby borrowed $500 at 12 percent simple annual interest. he paid back $680 to pay off the loan. how many years did it take bobby to pay back the loan?

Answer 1

3 years

Explanation:

because 12% of 500 is 60 then 60 times 3 plus 50o = 680

Answer 2

I= PRT
680-500 = 500 x 0.12 x T (Interest= Future value - Pricipal)
180 = 60T
T=180/60
T=3 years