lily just paid off a $400 loan. she had to pay $60 in interest at a simple annual interest rate of 5%. how many years did lily have this loan?

a. 2
b. 3
c. 4.5
d. 5

 The correct option is (B) 3.

Step-by-step explanation:  Given that Lily  just paid off a $400 loan. She had to pay $60 in interest at a simple annual interest rate of 5%.

We are to find the number of years for which Lily had this loan.

Let n be the required number of years.

Also, P = $400, S.I. = $60 and r% = 5%.

Therefore, by the formula of simple interest, we have

Thus, the required number of years is 3.

Option (B) is CORRECT.

step-by-step explanation:

step 1: solve one of the equations for one of the variables. let's solve the first equation for y:

step 2: substitute that equation into the other equation, and solve for x.

step 3: substitute x = 4 x = 4 x=4 into one of the original equations, and solve for y.