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31 August, 20:16

Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take

Bobby to pay back the loan?

11

12

+3
Answers (1)
  1. 31 August, 21:18
    0
    Answer:The answer is 11

    Explanation:

    Using the simple interest formula, SI = PRT/100

    Making T the subject of the formula T=100I/PR

    I=$680, P=$500, R=12%

    T = 100*680/500*12

    T=68,000/6,000

    T=11.3

    Therefore to the whole number T=11
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