Question

Carrie borrows $2600 at an interest rate of 2.5%.  The interest paid is $536.25.  For how long did she borrow the money?

Answer 1

Here is a loan calculator:
http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx?loanAmount=2600&years=15.417&term.....

If you input 2,600 for amount, term in months (185) , which is about (15.5 YEARS), rate 2.5 % makes the monthly payment 16.95.
16.95 * 185 months = 3,135.75

2,600 + 536.25 interest = 3,136.25

Answer 2

T=i/pr
t=536.25/(2600*0.025)
t=8.25 years