Question: A student borrows $300 at 2% simple interest (annual rate). When the loan is repaid, the amount of the principal and interest is $345. What

A student borrows $300 at 2% simple interest (annual rate). When

A student borrows $300 at 2% simple interest (annual rate). When the loan is repaid, the amount of the principal and interest is $345. What was the length of the loan? (Round your final answer to one decimal place.) 11 X yr Additional Materials DeBook Please provide formula and solve

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

The Runners Shop (TRS) was a family-owned business founded 17 years ago by Robert and Andrea Johnson. In July of 2008, TRS found itself experiencing a severe cash shortage that forced it to file for...

MATH 21 PRACTICE TEST Chapters 5 & 8 Instructor Bronie Name 1. Jones borrows $500 for 3 years at 6% simple interest (annual rate). How much interest will be paid? Answer 2. Matt paid $1 15.50...

Using C++. A college student borrows $5000 with a simple interest rate of 1% per month to pay his tuition, after calculating the monthly expenses he noticed that he can only pay $60 per month against...

EXERCISE 1.3 A I. FIND THE ACTUAL AND APPROXIMATE TIME BETWEEN TWO MONTH ACTUAL TIME APPROXIMATE TIME TOTAL DATES a. January 20, 2015 to October 14, 2015 b. October 8,2015 to July 7, 2016 MONTH...

1st set of photos include just the questions 2nd set of photos include the answer drop down banks Q s Use the formula for the present value of an ordinary annuity to find this payment amount: PVAN =...

PowerPoint Assignment for BUS 401: Principles of Finance You have been asked by a manager in your organization to put together a training program explaining Net Present Value (NPV) and Future Value...

The Answer to the question you feel you can answer Felix is purchasing a brownstone townhouse for $2,300,000. To obtain the mortgage, Felix is required to make a 19% down payment. Felix obtains a...

The Answer to the question Felix is purchasing a brownstone townhouse for $2,300,000. To obtain the mortgage, Felix is required to make a 19% down payment. Felix obtains a 25-year mortgage with an...

Answer to the Question, Answer the one you feel you can answer Felix is purchasing a brownstone townhouse for $2,300,000. To obtain the mortgage, Felix is required to make a 19% down payment. Felix...

Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual...

please do 6-8 DICES AREN'T GIVEN Choose the correct word: 01. Which factor determines the amount of interest earned on a fixed principal? a.) periodic payment (b) interest rate c .) principal d.)...

Addison Manufacturing holds a large portfolio of debt and equity investments. The fair value of the portfolio is greater than its original cost, even though some investments have decreased in value....

Write an essay about the Board of Directors in which you need to address the following: How To Run Board Meetings The Role Of The Board Of Directors Advantages Of The Board Of Directors To An...

What is an example of a class in accounting? A . Partnership B . Remodeling C . Non - profit D . Bitling Rate

Add "Viggo Mortenslet cast = new Map ( ) ;en " to the cast as the key, with value "Aragorn".