Ask Experts Questions for FREE Help !
Ask
    861966's Avatar
    861966 Posts: 9, Reputation: 1
    New Member
    		  
    #1

    May 10, 2009, 04:38 AM
    Simple interest
    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's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
    Ultra Member
    		  
    #2

    May 10, 2009, 05:23 AM
    si = p*r*t

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

    3,850t = 42,350

    11 years.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

How does a financial manager choose between stated interest and an effective interest [ 2 Answers ]

When a borrower is often confronted as a stated interest and an effective interest rate what is the difference and which one should the financial manager recognize as the true cost of borrowing? The effective interest rate is always calculated as if compounded annually. The effective rate is...

Simple Interest [ 1 Answers ]

You deposit $1,000 in your bank account. If the bank pays 4 percent simple interest, how much will you accumulate in your account after 10 years? What if the bank pays compound interest, how would you expect to accumulate after 10 years? How much of your earnings will be interest on interest?

Simple interest [ 1 Answers ]

What is the simple interest on a 14,500 load at 9% interest for 5 years? I did 14,500 x 9% x 5 years = $6,525

View more questions Search