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A veterinary office takes out a loan to purchase a new set of digital animal scales that costs $12,250. The interest rate is 6.5%, and the total interest paid is $2,388.75. How many years is the loan for?
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A veterinary office takes out a loan to purchase a new set of digital animal scales that costs $12,250. The interest rate is 6.5%, and the total interest paid is $2,388.75. How many years is the loan for?

User Con Antonakos
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1 Answer

3 votes
12250 x.065 x t/12=2388.75
12250 x .065t=28665
t=36 months, or 3 years as the term of the loan
User Yun CHEN
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