Question

Ms. Pecho currently owes $637.50 simple interest
on a loan of $2500 at an annual interest rate of
17%. How long has she had the loan?

Answer 1

Answer:

Step-by-step explanation:1

1/2 years which is 1 year and 5 months.

Explanation:

The formula for simple interest is

You can either substitute the given values first and the solve for

T, or you can transpose the formula to have

T as the subject.

T=100xSIPR

T=100 x 637.50

T=100×637.502500×17

T=1.5

As time is always in years, this means it was for

112 years which is 1 year and 5

months