to pay ck the loan?
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you really need to say if these are simple interest or compound interest problems
if simple interest
I = Prt
14000 = 10000 * .07 * t
14000 = 700t
14000 / 700 = t
20 = t
or did you mean 1,400 in interest
1400 = 700t
2 = t
if simple interest
I = Prt
14000 = 10000 * .07 * t
14000 = 700t
14000 / 700 = t
20 = t
or did you mean 1,400 in interest
1400 = 700t
2 = t
-
OK
10,000 @ 7% interest is $700 in interest per year.
If that number is $1400 - then he took the loan a 2 year loan.
If that number is $14,000 - then he took the loan for 20 years.
I think it is supposed to be 1400 in interest, which would mean he paid for a 2 year loan.
10,000 @ 7% interest is $700 in interest per year.
If that number is $1400 - then he took the loan a 2 year loan.
If that number is $14,000 - then he took the loan for 20 years.
I think it is supposed to be 1400 in interest, which would mean he paid for a 2 year loan.