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19 April, 17:08

Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?

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  1. 19 April, 17:24
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    Amount = $680

    Principal = $500

    Interest = 680 - 500 = 180

    Rate = 12% Simple annual interest.

    I = PRT

    180 = 500*12% * Time

    180 = 500 * 0.12 * T

    180 / (500*0.12) = T

    3 = T

    T = 3 years.

    It took Bobby 3 years to pay back the loan.
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