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?

Bobby paid $680 − $500 = $180 in interest. At 12% of $500 per year, the interest is $60 per year. Since $180 ÷ $60 = 3, it took 3 years to repay the loan, choice A.

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