Question

While Mary Corens was a student at the University of Tennessee, she borrowed $20,000 in student loans at an annual interest rate of 5%. If Mary repays $200 per year, then how long (to the nearest year) will it take her to repay the loan

Answer 1

5 years

Step-by-step explanation:

interest = principal x time x interest rate

$200 = $20,000 x 0.05 x t

$200 = $1000t

t = 5 years

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