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Transitional Math

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Richard took a loan of $10000 at a rate of 5%. If he paid $2500 in interest, how long did it take him to pay off the loan?

  • Transitional Math - ,

    Assume simple interest.
    So for $10,000, the annual interest is $10,000*0.05=$500.
    Number of years = $2500/$500 = 5 years.

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