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3 votes
Ms. Pecho currently owes $637.50 simple interest

on a loan of $2500 at an annual interest rate of
17%. How long has she had the loan?

User Timlyo
by
7.4k points

1 Answer

6 votes

Answer:

Step-by-step explanation:1

1/2 years which is 1 year and 5 months.

Step-by-step explanation:

The formula for simple interest is

You can either substitute the given values first and the solve for

T, or you can transpose the formula to have

T as the subject.

T=100xSIPR

T=100 x 637.50

T=100×637.502500×17

T=1.5

As time is always in years, this means it was for

112 years which is 1 year and 5

months

User Ramakrishnan
by
7.6k points