Question

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?

Answer 1

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.