Algera

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Ms. Pecho currently owes $637.50 simple interest on a loan of $2500 at a anual inteest ate of 17%. How long has she had the loan?

  • Algera -

    Hint:
    Simple interest
    =Prt
    P=principal (what was borrowed)
    r=rate of interest, 0.17=17%
    t=time in years (for yearly interest rate)

    I think she should negotiate a bank load at a lower interest than that.

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