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 interest. What was the length of the couple's loan?

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asked Sep 15, 2022 86.2k views

5 votes

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

interest.
What was the length of the couple's loan?

Mathematics
high-school

PauliL asked

by PauliL

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2 Answers

7 votes

Answer:

6 years

Explanation:

t=2250/375

t=6

Hence time of the loan will be 6 years

Tdgs answered Sep 18, 2022

by Tdgs

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14 votes

Answer:

6 years

Explanation:

5000 x 0.075 = 375

2250/375 = 6

therfore it is 6 years worth of interest

Henrik N answered Sep 21, 2022

by Henrik N

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