Question

Gregory borrowed $7,500 from the bank with a 6% annual interest rate to buy a new car. It cost him $10,650 to repay the loan. How many years did Gregory spend repaying his loan? (I’m offering 16 points so whoever’s to answer, please hurry!)

Answer 1

7 years

Step-by-step

7500 x 0.06 = 450

10650 - 7500 = 3150/450

7 years