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A loan of $8.000 accumulates simple interest at an annual interest rate of 5%. After how many years does the value the loan become $9.200?

A loan of $8.000 accumulates simple interest at an annual interest rate of 5%. After how many years does the value the loan become $9.200?
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16 votes
A loan of $8.000 accumulates simple interest at an annual interest rate of 5%. After how many years does the value the loan become $9.200?

asked
User Acobster
by
8.4k points

1 Answer

8 votes
8,000x.05=400 so 400x3=1,200
1,200 + 8,000=9,200
So 3 years
answered
User Deepinder Singh
by
8.0k points
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