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A $1500 loan has an annual interest rate of 4 1/4% on the amount borrowed. How much time has elapsed if the interest is now $127.50? Really need this please explain some work too. Thx!
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3 votes
A $1500 loan has an annual interest rate of

4 1/4% on the amount borrowed. How much time has elapsed if the interest is now $127.50?

Really need this please explain some work too. Thx!

User Manjola
by
8.1k points

1 Answer

3 votes

127.50 = 1,500(0.0425) * x

127.50 = 63.75 * x

x= 127.50/63.75

x=2

User Richard Hurt
by
8.0k points
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