bobby borrowed $500 at 12 percent simple annual interest. he paid back $680 to pay off the loan. how many years did it take bobby to pay back the loan?

3
4
11
12

Question

bobby borrowed $500 at 12 percent simple annual interest. he paid back $680 to pay off the loan. how many years did it take bobby to pay back the loan?

3
4
11
12

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "tutor", "mastery_adaptive_brevity" ], "needs_drawing": false, "concepts_used": [ "Simple Interest Formula", "Total Payback Calculation" ], "new_concepts": [], "current_concepts": [ "Simple Interest Formula", "Total Payback Calculation" ] } ## Calculate the total interest paid Using the *Total Payback Calculation* knowledge point $$ \begin{aligned} I &= A - P \ I &= 680 - 500 \ I &= 180 \end{aligned} $$ ## Solve for the time in years Using the *Simple Interest Formula* knowledge point $$ \begin{aligned} I &= P \cdot r \cdot t \ 180 &= 500 \cdot 0.12 \cdot t \ 180 &= 60 \cdot t \ t &= \frac{180}{60} \ t &= 3 \end{aligned} $$

(A) 3

(B) 4

(C) 11

(D) 12

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Simple Interest Formula" ] }

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QUESTION IMAGE

Question

Explanation:

Calculate the total interest paid

Solve for the time in years

Answer: