Question

Jonathan borrowed $475 at a simple annual interest rate of 2% how many years will it take him to repay the loan if you wants to pay $38 in interest

Answer 1

you would times 475 by the percentage, which you can convert to a decimal my multiplying the percentage by 100.

475 * 0.02 = 9.50

Then divide the interest by the amount of interest per year:

38 / 9.5 = 4.

it would be 4 years