Michael got a loan for the Playstation 5. His loan was $600. At a 3.75% interest rate he had to pay $7.50 in interest. How long
would it take for Michael to pay off his loan?
1 answer:
Answer:
4 mo.
Step-by-step explanation:
I = PRT P = 600 R = .0375 I = 7.50
7.50 = 600(.0375)T
7.5 = 22.5T
T = 7.5/22.5 = 1/3 yr = 4 mo.
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