If you borrow $1000 and after 20 weeks you owe $1100 at 9% annually, how many weeks remain until you...

Question

If you borrow $1000 and after 20 weeks you owe $1100 at 9% annually, how many weeks remain until you pay off your loan?

David · Accepted Answer

If you borrow $1000 and after 20 weeks you owe $1100 at 9% annually, how many weeks remain until 
you pay off your loan? 
Solution: 
First we calculate the amount at the end of 20 weeks 
Amount =     (    )            
Data missing. Monthly installment is not provided.

If you borrow $1000 and after 20 weeks you owe $1100 at 9% annually, how many weeks remain until you pay off your loan?

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