Question

How many years would it take a 6000$ loan at 5% to earn 12000$ in interest?

Answer 1

Answer: 15 years

Step-by-step explanation:

6000 x 1.05^x = 12000

1.05^x=2

log(1.05^x)=log(2)(Take log of both sides)

x*(log(1.05))=log(2)

x= log(2)

log(1.05)

x=14.206699

15 years