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Todd takes out a student loan for $25,000. The annual simple interest rate on the loan is 7.75%. If Todd will be paying $38,750 in interest alone, how many years is he taking to pay off the loan?
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Todd takes out a student loan for $25,000. The annual simple interest rate on the loan is 7.75%. If Todd will be paying $38,750 in interest alone, how many years is he taking to pay off the loan?

User TheEllis
by
5.0k points

1 Answer

8 votes

Answer:

20 years

Explanation:

It will be 20 years

User Valamas
by
5.4k points
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