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Nataliya [291]
3 years ago
9

A company borrowed $25,000 at 3.5% and was charged $2,625 in interest. How long was it before the company repaid the money?

Mathematics
2 answers:
nirvana33 [79]3 years ago
5 0
Hello

3 years. Since no mention of compounding was made I will assume that it's 3.5% simple interest. So first, let's calculate what percent of the entire loan was interest. Just a simply matter of division. 2625 / 25000 = 0.105 = 10.5% Now lets' divide the percentage of the loan that was paid in interest by the interest rate. 10.5% / 3.5% = 3 So the company took 3 years to repay the loan.
Have a nice day
ankoles [38]3 years ago
4 0

Answer: The company repaid the money in 3 years.

Step-by-step explanation:

Hi, to solve this problem we have to apply the simple interest formula:

I = P x r x t

where:

I = interest = $2625

P = Principal amount= $25,000

r = interes rate (decimal) = 3.5% = 3.5 / 100 = 0.035

t = time

So, mathematically speaking:

I = P x r x t

2625 = 25,000 x 0.035 x t

2625= 875 x t

2625 / 875 =t

3 years = t

In conclusion, the company repaid the money in 3 years.

Feel free to ask for more if it´s necessary or if you did not understand something.

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On August 1, 2021, a company accepts an $8,000, 9-month note receivable. For 2021, the company reports interest revenue of $200.
erastova [34]

Answer:

6%

Step-by-step explanation:

We have to calculate the interest rate in the note, we must follow the following steps, calculate the amount of time remaining from the year 2021, as follows:

interest is for 5 months i.e. from Aug 01 to Dec 31 for year 2021 , so it means it would be 5/12 months.

We have to calculate the interest as follows:

I = P * R * T

We replace:

200 = 8000 * R * 5/12

we solve for R

200 * 12/5 = 8000 * R

R * 8000 = 480

R = 480/8000

R = 0.06

Which means that the interest rate on the note is 6%

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Mariana [72]

Thislink has the answer: brainly.com/question/19701013?answering=true&answeringSource=greatJob%2FquestionPage%2F3

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