If a loan was taken out for 15900 at 9%and cost 8586, how long was the loan for

To find how long the loan was for, we can use the formula for simple interest:

\[
I = P \cdot r \cdot t
\]

Where:
- $I$ is the interest paid.
- $P$ is the principal amount (the loan).
- $r$ is the annual interest rate (as a decimal).
- $t$ is the time (in years).

Given:
- $P = 15900$
- $r = 9\% = 0.09$
- $I = 8586$

Now, we can rearrange the formula to solve for $t$:

\[
t = \frac{I}{P \cdot r}
\]

Substitute the known values into the equation:

\[
t = \frac{8586}{15900 \cdot 0.09}
\]

Let's calculate that.

The loan was for 6 years.

Would you like further details or have any questions?

Here are five related questions you might find interesting:
1. How is compound interest different from simple interest?
2. How would the time change if the interest rate were lower?
3. What would the total cost of the loan be after 6 years, including principal and interest?
4. How does the time change if the principal amount changes?
5. How can monthly payments be calculated for this loan?

**Tip:** Always ensure that you convert percentage rates into decimals when using them in calculations.

If a loan was taken out for 15900 at 9% and cost 8586, how long was the loan for?

Learn how to calculate the duration of a loan of $15,900 at 9% interest when the interest paid is $8,586. This problem involves simple interest calculations and is suitable for students in Grades 8-10. Follow the step-by-step solution using the formula for simple interest.

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