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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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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

User Patrick Mascari
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2 Answers

2 votes
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.
User Khaled Boussoffara
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4 years is the answer :)
User Bramp
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