A couple took out a $5,000 loan from the bank. The loan had a simple interest rate of 7.5% per year. By the end of the loan, the
couple had paid $2,250
interest.
What was the length of the couple's loan?
2 answers:
Answer:
6 years
Step-by-step explanation:
t=2250/375
t=6
Hence time of the loan will be 6 years
Answer:
6 years
Step-by-step explanation:
5000 x 0.075 = 375
2250/375 = 6
therfore it is 6 years worth of interest
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