Question

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!

Answer 1

127.50 = 1,500(0.0425) * x

127.50 = 63.75 * x

x= 127.50/63.75

x=2