Question

Joel took out a car loan for 12000 he paid 4800 in interest at a rate of 8% per year how many year will it take him to pay off the loan.​

Answer 1

5 years

Explanation:

Simple interest on a loan of P for t years at rate r per year is ...

I = Prt

4800 = 12,000(0.08)(t)

4800/960 = t = 5

It will take Joel 5 years to pay off the loan.