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861966
May 10, 2009, 04:38 AM
The simple interest charged on a loan of $55000 is $42350 at 7% p.a. How many years will it take to repay the loan?
ROLCAM
May 10, 2009, 05:23 AM
si = p*r*t

42,350 = 55,000*.07*t

3,850t = 42,350

11 years.