Question: Dave took out a $ 7 0 0 0 loan at 7 % and eventually repaid $ 8 9 6 0 ( principal and interest

Dave took out a $7000 loan at 7% and eventually repaid $8960(principal and interest). What was the time period of the loan?
The time period of the loan was 3.65 year(s).(Type an integer or a decimal.)
 Dave took out a $7000 loan at 7% and eventually repaid

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!