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

Question

Mathematics

Brodie Sherman

18 October, 04:43

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

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Jeffrey Montes · Answer 1

Basing on the data provided, if Bobby borrowed 500.00 and has an annual interest of 12% per year. 12% of the borrowed amount is equal to 60.00. Since he paid $680.00 that means that 680.00 - 500.00 = 180.00 worth of interest and since he pays an annual of 60.00 per year for the interest ergo, the answer is 3 years.