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=● RATIOS, PROPORTIONS, AND PERCENTSFinding the principal, rate, or time of a simple interest loan or...Try AgainYour answer is incorrect.Alonzo borrowed $800 from a lender that charged simple interest at an annual rate of 9%. When Alonzo paid off the loan, he paid $216 in interest. How longwas the loan for, in years?If necessary, refer to the list of financial formulas. I need help with this math problem please.

Respuesta :

The simple interest rate formula is:

[tex]A=P(1+rt)[/tex]

To find the total amount We add:

[tex]A=800+216=1016[/tex]

To find the total of years We can clear the t variable in the equation like this:

[tex]\begin{gathered} \frac{A}{P}-1=rt \\ \frac{\frac{A}{P}-1}{r}=t \end{gathered}[/tex]

So We will find the time as follows:

[tex]t=\frac{\frac{1016}{800}-1}{0.09}=3[/tex]

The loan was for 3 years.

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