Your friend loans you $550 to buy a PS5. They are going to charge you 3% interest rate. After some time you pay your friend back
the $550 plus $33 in interest. How long did it take you to pay your friend back?
1 answer:
Answer:
2 years
Step-by-step explanation:
3% of $550 = 0.03 * $550 = $16.50
3% interest on $550 for 1 year is $16.50
$33/$16.50 = 2
Since 2 * $16.50 = $33, the loan was for 2 years.
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