Answered: Jefferson borrowed $4000 for his…

Jefferson borrowed $4000 for his college tuition at an annual simple interest rate of 5.5%. When he repaid the loan, he paid a total of $4660. How long did Jefferson hold the loan?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter2: Solving Linear Equations

Section2.2: Use A Problem Solving Strategy

Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...

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Jefferson borrowed $4000 for his college tuition at an annual simple interest rate of 5.5%. When
he repaid the loan, he paid a total of $4660. How long did Jefferson hold the loan?

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