Dave took out a $6800 loan at 77​% and eventually repaid ​$7276

[CristinaAnne92]

Dave took out a $6800 loan at 77​% and eventually repaid ​$7276
​(principal and​ interest). What was the time period of the​ loan?

 

[HallsofIvy]

77%? The loan was through the mob?

If you borrow amount A, at r percent per year, simple interest, for n years the interest will be A(1+ r)n. With A= $6800, r= 0.77, and the amount to be repaid $7276, the total interest is $7276- 6800= $476 that equation becomes 476 = (6800)(1.77)n. Solve for n.

(Is it possible you mean 7.7%?)

 

[stapel]

Dave took out a $6800 loan at 77​% and eventually repaid ​$7276 ​(principal and​ interest). What was the time period of the​ loan?

Are we to assume simple interest, or compounded? If the latter, over what time period?

What formulas have they given you for this sort of exercise? How far have you gotten in plugging the given information into the given formula(s)? Where are you getting stuck?

Please be complete. Thank you!