Question

If the interest paid was $1428 on a principal of $5100 and an interest rate of 4%, how many years was the loan for?

Answer 1

7 years

Explanation:

Use the formula I=Prt

Convert 4% to a decimal. 4% = 0.04

1428 = 5100(.04)t

1428 = 204t

1428/204 = 204t/204

t = 7 years