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A $1,500 loan has an annual interest rate of 4.25% 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 4.25% on the amount borrowed. How much time has elapsed if the interest is now $127.50?
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4 votes
A $1,500 loan has an annual interest rate of 4.25% on the amount borrowed. How much time has elapsed if the interest is now $127.50?

asked
User Glisu
by
7.5k points

1 Answer

5 votes
1) 1500×0.0425=63.75
2) 127.50÷63.75=2
Answer is 2 year.
answered
User Jacques Kvam
by
8.8k points
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