menu
Qammunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
Malorie took out a loan to build a deck.The loan was for $15000 and had a 7.5% simple interest rate. If she paid a total of $1,687.50 in interest,how long did she have the loan?…
Ask a Question
Questions
Unanswered
Tags
Ask a Question
Malorie took out a loan to build a deck.The loan was for $15000 and had a 7.5% simple interest rate. If she paid a total of $1,687.50 in interest,how long did she have the loan?…
asked
May 14, 2021
123k
views
2
votes
Malorie took out a loan to build a deck.The loan was for $15000 and had a 7.5% simple interest rate. If she paid a total of $1,687.50 in interest,how long did she have the loan?
Mathematics
high-school
Sologoub
asked
by
Sologoub
7.2k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
2
votes
Answer:
The final value (FV) that is paid in a loan (which is the sum of the capital and the interests) equals the present value (PV) of the loan multiplied by
, in a simple interest context, where "n" equals the periods of time and "i" equals the interest rate valid for that periodicity.
Then
. In this case, PV=$15,000; final value equals FV=$15,000+1,687.5= $16,687.5.
We should clear "n" from our equation, which means:
. Dividing both sides by 15,000, then subtracting 1 both sides, and finally dividing by 0.075 both sides, results in n=1.5.
Then,
Malorie had the loan for one an a half periods.
Fahad Saleem
answered
May 19, 2021
by
Fahad Saleem
7.8k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
← Prev Question
Next Question →
Related questions
asked
Sep 16, 2017
45.1k
views
Malorie can work 10 math problems in 3 minutes. At this rate, how many problems can she work in one hour? a. 30 b. 60 c. 120 d. 200
Amr Eraky
asked
Sep 16, 2017
by
Amr Eraky
8.4k
points
Mathematics
high-school
1
answer
4
votes
45.1k
views
asked
Feb 21, 2016
228k
views
Malorie can work 10 math problems in 3 minutes. At this rate, how many problems can she work in one hour? A. 30 B. 60 C. 120 D. 200
Daniel Hanrahan
asked
Feb 21, 2016
by
Daniel Hanrahan
7.7k
points
Mathematics
middle-school
1
answer
5
votes
228k
views
asked
Apr 3, 2017
64.0k
views
Malorie can work 10 math problems in 3 minutes. At this rate, how many problems can she work in one hour? A. 30 B. 60 C. 120 D. 200 I think 30
June Rhodes
asked
Apr 3, 2017
by
June Rhodes
8.7k
points
Mathematics
middle-school
1
answer
0
votes
64.0k
views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
9.4m
questions
12.2m
answers
Categories
All categories
Mathematics
(3.7m)
History
(955k)
English
(903k)
Biology
(716k)
Chemistry
(440k)
Physics
(405k)
Social Studies
(564k)
Advanced Placement
(27.5k)
SAT
(19.1k)
Geography
(146k)
Health
(283k)
Arts
(107k)
Business
(468k)
Computers & Tech
(195k)
French
(33.9k)
German
(4.9k)
Spanish
(174k)
Medicine
(125k)
Law
(53.4k)
Engineering
(74.2k)
Other Questions
How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search Qammunity.org