Posted by **Troy** on Sunday, December 5, 2010 at 3:08pm.

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 -
**MathMate**, Sunday, December 5, 2010 at 3:55pm
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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