Posted by Rose on .
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?
How do you figure out this problem? I am not merely looking for an answer, I would like to know how to do it to know if he is doing it correctly.
Please see my answer below.
If there's something you don't understand about it, please repost.