a company borrowed 25,000 and was charges 3.5% and was charged 2,625 in interet...how long was it before the company repaid the

Question

MrRissso [65]

3 years ago

11

a company borrowed 25,000 and was charges 3.5% and was charged 2,625 in interet...how long was it before the company repaid the

money

Mathematics

1 answer:

Sladkaya [172] · Answer 1 · 2022-03-08T05:03:30+03:00

We'll have to assume that interest is charged annually.

interest = i = p*r*t, where p is the initial amount ($25000), r is the annual interest rate as a decimal fraction, and t is the length of time, in years.

Then $2625 = $25000*0.035*t. Solve for t:

$2625
------------ = 0.035t = 0.105. Dividing both sides by 0.035, we get
$25000

t = 3 years (answer)