I posed a problem and no one helped me to see how to solve the problem. I don't want you to give me the answer, I want to know how to arrive at the correct answer.
Again, Ms. Pecho currently owes $637.50 in simple interest on a loan of $25oo at an annual interest rate of 17%. How long has she had the loan?
Can you explain the steps I would take to determine the answer?
Didn't you see my answer? Click on the link below to find your original post and my answer.
http://www.jiskha.com/display.cgi?id=1262280720
I also responded to your second post with this problem.
Certainly! To determine how long Ms. Pecho has had the loan, we can use the formula for calculating simple interest:
Simple Interest = Principal * Rate * Time
In this case, the principal (the initial loan amount) is $2500, the interest rate is 17% (or 0.17 in decimal form), and the simple interest owed is $637.50. We can plug these values into the formula and solve for time:
637.50 = 2500 * 0.17 * Time
Now, let's isolate the variable Time by dividing both sides of the equation by the product of the principal and the interest rate:
Time = 637.50 / (2500 * 0.17)
Simplifying the expression on the right-hand side:
Time = 637.50 / 425
Now, we can calculate the value of Time by performing the division:
Time ≈ 1.5
Therefore, Ms. Pecho has had the loan for approximately 1.5 years.
By following these steps, you should be able to determine the answer for yourself.