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22 October, 16:17

James paid off the loan on his motorboat in the year 2006. He originally borrowed $6,500 to buy the boat, but with simple annual interest, he discovered that he paid a total of $8,775 over the life of the loan. If James annual interest rate was 7%, in what year did his loan begin?

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  1. 22 October, 16:34
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    5 years as 6500 at a rate of 7% or 455 more dollars a year has to cover a monetary gap of $2275. divide 2275 by 455 and get a nice even 5 years
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Home » Mathematics » James paid off the loan on his motorboat in the year 2006. He originally borrowed $6,500 to buy the boat, but with simple annual interest, he discovered that he paid a total of $8,775 over the life of the loan.
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