Question

In the following problem, identify the value of time (t): Becky is buying a house and will be financing it. She will borrow $155,000 at 4.5% for a quarter of a century.

Answer 1

Answer:

t = 25 years

Explanations:

The amount borrowed is the principal

Principal = $155,000

Rate = 4.5%

The time = A quarter of a century

A century = 100 years

Quarter of a century = 1/4 x 1000

Quarter of a century = 25 years

The time = 25 years

Since the question is that we should identify the value of time (t)

t = 25 years