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

This is his problem and I have no clue how to help him but I do know the answer he came up with is 18.77. That seems wrong to me.

Assistance needed.

Please type your subject in the School Subject box. Any other words are likely to delay responses from a teacher who knows that subject well.

Math. I thought it was understood when I said math homework and the question asked about percentages.

I see no school subject box

8th grade math. I cannot help my grandson with his math. I do not understand it myself. It is dealing with percentages. I do not understand it.

2500 * 0.17 = $425 annual interest

637.5 / 425 = 1.5 years

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To determine how long Ms Pecho has had the loan, we can use the formula for simple interest:

Simple Interest = Principal * Rate * Time

In this case, let's solve for time:

Simple Interest = $637.50
Principal = $2500
Rate = 17% = 0.17
Time = ?

Plugging these values into the formula, we get:

$637.50 = $2500 * 0.17 * Time

To find the value of Time, we need to isolate it on one side of the equation. Dividing both sides by $2500 * 0.17:

Time = $637.50 / ($2500 * 0.17)

Calculating this expression, we find:

Time ≈ 0.15

So, it seems there might be some discrepancy with the value of 18.77. Double-checking the calculations, we can see that there may have been an error or misunderstanding somewhere along the way. The correct answer should be approximately 0.15, not 18.77.