# Transitional Math

posted by .

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.

## Similar Questions

1. ### math

what formula would i use to solve for this: Loan Interest A developer needs \$80,000 to buy land. He is able to borrow the money at 10% per year compunded quarterly. How much will the interest amount to if he pays off the loan in 5yrs?
2. ### math

Richard took a loan of \$10000 at a rate of 4%. If he paid \$1600 in interest, how many years did it take to pay back the loan?
3. ### Math

Maya bought a car for \$15,000. To pay for it, she took a bank add-on interest loan at an annual interest rate of 9%. The loan term is 5 years. How much interest will she pay and what are her monthly payments?
4. ### math

Richard took a loan of \$10,000 at a rate of 5%. If he paid \$2,500 in interest, how many years did it take him to pay back the loan?
5. ### math

. Richard took a loan of 10,000 at a rate of 4%. If he paid \$16,00 in interest, how many years did it take him to pay back the loan?
6. ### math

TJ had a car loan for \$5800. Over the course of the loan, he paid a total of \$1508 in interest at a rate of 6.5%. Over how many months did TJ pay off the car loan?
7. ### college loan

if i take out a loan for \$10,000.00 and pay \$300.00 a month at 5.00 % interest how long until paid off ?
8. ### Math

You borrow \$3200 to buy new kitchen appliances. The simple interest rate is 5%. You pay the loan off after 4 years. What is the total amount you paid for the loan?
9. ### Math

This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have \$108,123 left …
10. ### math

renu took a loan at si rate of 6% in 1 yr with an increase of .5% in each subsequent yr.he paid interest of rs 3375 after 4 yr.how much loan did she take?

More Similar Questions