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Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 4.9% loan. Frederick doesn't want to pay more than $882 in int…

Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 4.9% loan. Frederick doesn't want to pay more than $882 in int…
asked 90.5k views
3 votes
Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to loan him the money as a 4.9% loan. Frederick doesn't want to pay more than $882 in interest. How many years does Frederick have to pay back the loan?

asked
User Taher Chhabrawala
by
7.9k points

1 Answer

5 votes

3000 x 0.049 = 147 interest each year.

882/ 147 = 6

He has 6 years to pay back the loan.

answered
User Christian Riesen
by
8.1k points
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