Answer:
t = 2466.67 years (about 2466 years 8 months)
Step-by-step explanation:
Given: Total P+I (A) = $350000, Principal (P) = $26250, Rate (R) = 0.5%
To find: How long did it take Sabrina to pay if the loan if she ended up pay $26250 interest?
Formula:
Solution: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate
First, converting R percent to r a decimal
r = R/100 = = 0.005 per year,
then, solving our equation
t = (1/0.005)((350000/26250) - 1) = 2466.67
t = 2466.67 years
Therefore, it will take Sabrina 2466.67 years (about 2466 years 8 months) to pay off the loan.