Your brother lends you $125 at an annual interest rate of 25%. If you want to pay no more than $62.50 in simple interest, in how

Question

timofeeve [1]

3 years ago

13

Your brother lends you $125 at an annual interest rate of 25%. If you want to pay no more than $62.50 in simple interest, in how

many years will you need to pay off the loan? Use the formula: I = Prt.

Mathematics

2 answers:

Neko [114] · Answer 1 · 2022-01-09T12:41:35+03:00

Lets write an equation describing the interest rate y:
y = 125(25%)x
where x is the number of years, lets simplify that equation
y = (125)(25/100)x
y = 31.25x
now lets substitute the maximum amount that we want to pay and solve for x, the number of years:
62.50 = <span>31.25x
x = </span>62.50/<span>31.25
x = 2
therefore, the loan needs to be paid in 2 years in order to pay $62.50 of interest</span>

lesya692 [45] · Answer 2 · 2022-01-09T14:18:21+03:00

lesya692 [45]3 years ago

3 0

Answer:

2 years

Step-by-step explanation:

i got it right on ttm :)