The simple interest on a $3,000 loan at 6% per year amounted to $1080. At what time t did the loan mature (in years)? t = yr

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 8E
icon
Related questions
Question
100%
Compute the specified quantity.
The simple interest on a $3,000 loan at 6% per year amounted to $1080. At what time t did the loan mature (in years)?
t =
yr
Transcribed Image Text:Compute the specified quantity. The simple interest on a $3,000 loan at 6% per year amounted to $1080. At what time t did the loan mature (in years)? t = yr
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning