Question: Debra borrowed $700 from a lender that charged simple interest at an annual rate of 7%. When Debra paid off the loan, she paid $294

Debra borrowed $700 from a lender that charged
Debra borrowed $700 from a lender that charged simple interest at an annual rate of 7%. When Debra paid off the loan, she paid $294 in interest. How long was the loan for, in years? If necessary, refer to the list of financial formulas

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 Mathematics Questions!