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1 April, 22:27

Katie needed to take out three loans. a) First, she paid $596.24 in interest on a nine-month loan for which the rate was 11%. How much money did she borrow? b) A year later, Katie borrowed $10,000 for three months. If she paid $225 in interest, what rate of interest did she pay? c) Finally, Katie borrowed $12,000 at 10% interest. If she paid $600 in interest, for how long was the loan

Answers (1)
  1. 2 April, 00:07
    F (x) = 596.24 (.11) ^x

    x = years

    Solve for x
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