Your friend loans you $550 to buy a PS5. They are going to charge you 3% interest rate. After some time you pay your friend back the $550 plus $33 in interest. How long did it t…

Question

asked Jan 13, 2021 153k views

1 Answer

Patric Hartmann · Answer 1 · 2021-01-19T12:24:16+0000

Answer:

2 years

Explanation:

3% of $550 = 0.03 * $550 = $16.50

3% interest on $550 for 1 year is $16.50

$33/$16.50 = 2

Since 2 * $16.50 = $33, the loan was for 2 years.