Question

Your cousin borrows $1125 to repair her car. The simple annual interest rate is 10%. She makes equal monthly payments of $25. How many years will it take to pay off the loan? (PLSSS HELP)

Answer 1

Explanation:

Your cousin borrows $1125 to repair her car. The simple annual interest rate is 10%. She makes equal monthly payments of $25. How many years will it take to pay off the loan? (PLSSS HELP)

Given data

P=$1125

R=10%= 0.1

I= $25

We know that

I=PRT