Joey borrowed $2000 at a 5% interest rate. He paid $400 in total interest. Find the amount of time for which Joey borrowed the money

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asked Feb 13, 2018 212k views

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Khaled Boussoffara · Answer 1 · 2018-02-15T02:10:53+0000

Joey borrowed the money for 4 months. 2000 multiplied by .05 comes out to 100 which is the 5% so for him to get to 400 he had to owe the money for 4 months to pay 400 in interest. Hope this helps.

Joey borrowed $2000 at a 5% interest rate. He paid $400 in total interest. Find the amount of time for which Joey borrowed the money

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