HW17: Problem 6 Previous Problem Problem List Next Problem (4 points) Find the length of the...

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HW17: Problem 6 Previous Problem Problem List Next Problem (4 points) Find the length of the loan in months, if $100 is borro

Answer 1

Answer #1

Simple Interest = Principle * rate * time

Simple Interest = Amount paid - Princple

Simple Interest = $108 - $100 = $8

$8 = $100 * 6% * Time

1.33 = time

Time = 1.33 years = 1 + (1/3) years = 16 months

Answer 2

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