Thank you for visiting Your brother lends you 125 at an annual interest rate of 25 If you want to pay no more than 62 50 in simple interest. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Final answer:
To pay off the loan within $62.50 in simple interest, you will need 2 years.
Explanation:
To calculate the time it will take to pay off the loan, we can use the formula I = Prt, where I is the interest, P is the principal amount (loan amount), r is the interest rate, and t is the time (in years).
In this case, the interest is $62.50, the principal amount is $125, and the interest rate is 25% (or 0.25).
So we have the equation 62.50 = 125 × 0.25 × t. Dividing both sides of the equation by 31.25, we get t = 2 years.
Therefore, you will need to pay off the loan in 2 years.
Thank you for reading the article Your brother lends you 125 at an annual interest rate of 25 If you want to pay no more than 62 50 in simple interest. We hope the information provided is useful and helps you understand this topic better. Feel free to explore more helpful content on our website!
- You are operating a recreational vessel less than 39 4 feet long on federally controlled waters Which of the following is a legal sound device
- Which step should a food worker complete to prevent cross contact when preparing and serving an allergen free meal A Clean and sanitize all surfaces
- For one month Siera calculated her hometown s average high temperature in degrees Fahrenheit She wants to convert that temperature from degrees Fahrenheit to degrees
Rewritten by : Jeany
