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Carlos borrowed $4000 from a lender that charged simple interest at an annual rate of 7%. When Carlos paid off the loan, he paid $560 in interest. How was the loan for, in years…

Carlos borrowed $4000 from a lender that charged simple interest at an annual rate of 7%. When Carlos paid off the loan, he paid $560 in interest. How was the loan for, in years…
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1 vote
Carlos borrowed $4000 from a lender that charged simple interest at an annual rate of 7%. When Carlos paid off the loan, he paid $560 in interest. How

was the loan for, in years?

asked
User Gjqeriqi
by
7.9k points

1 Answer

2 votes

Answer:

it was 2 years

Explanation:

4000*7%= 280

280 for a year

280x=560

x= 2

answered
User Divyesh Prajapati
by
7.8k points
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