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

Question

History

Darius Fitzpatrick

23 August, 10:07

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

+4

Answers (1)

Know the Answer?

Shepherd · Answer 1

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

Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it takeBobby to pay back the loan?1112

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