Question

A couple took out a $5,000 loan from the bank. The loan had a simple interest rate of 7.5% per year. By the end of the loan, the couple had paid $2,250 in interest.

What was the length of the couple’s loan?

Answer 1

Answer: They couple's loan was 6 years.

Step-by-step explanation: 7.5% of 5000 is 375, 2,250 divided by 375 is 6.