Hector needs to borrow $20000 to pay a contractor for a home addition. The bank is offering him a 4.8% simple interest loan and is charging $4800 in interest during the life of the loan. How long is the life of the loan?

Hey! We 've verified this expert answer for you, click below to unlock the details :)

I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!

What is the formula for simple interest?

I=prt

Is this correct ?

Looking for something else?

Not the answer you are looking for? Search for more explanations.

## More answers

Looking for something else?

Not the answer you are looking for? Search for more explanations.