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A $1,500 loan has an annual interest rate of 4 1/4% on the amount borrowed.how much time has elapsed if the interest is now $127.50?

A $1,500 loan has an annual interest rate of 4 1/4% on the amount borrowed.how much time has elapsed if the interest is now $127.50?
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A $1,500 loan has an annual interest rate of 4 1/4% on the amount borrowed.how much time has elapsed if the interest is now $127.50?

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User Sandye
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1 Answer

3 votes

1500 x 0.0425 = $63.75 ( for 1 year )

127.50 / 63.75 = 2 Years

answered
User Pete Dermott
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7.8k points
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