Question

Lisa loaned John $5000 at an interest rate of 6%. He repaid her $5750 to cover the principal and interest. How long did he borrow the money?

Answer 1

time in years = 2.5 years

Explanation:

time = interest / (principal amount x rate)

time = 750 / 5000 x 0.06

time = 750 / 300

time = 2.5 years