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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