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?

  1. 👍 0
  2. 👎 0
  3. 👁 145
  1. I = PRT

    2,500 = 10,000 * 0.05 * t

    Solve for t (time)

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    Consider a student loan of $17,500 at a fixed APR of 9% for 25 years. Calculate the monthly payment, determine the total amount paid over the term of the loan, and of the total amount paid, what percentage is paid towards the

    asked by suresh on March 30, 2016
  2. Finance: Mortgages

    A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6 (initial adjustment cap/periodic interest rate cap/lifetime interest rate cap). The start rate is 3.50% and the loan adjusts every 12 months for the

    asked by Cara on March 30, 2016
  3. Finance

    Your firm is considering the following three alternative bank loans for $1,000,000: a) 10 percent loan paid at year end with no compensating balance b) 9 percent loan paid at year end with a 20 percent compensating balance c) 6

    asked by Rebekah on November 17, 2012
  4. Math/Finance

    Jasmine is taking out a small business loan for her floral shop. She plans to apply for a $30,000 loan with a 5-year term and a 3.75% interest rate. She is unsure of her expected monthly profits, so she wants to know the benefit

    asked by Donovan on April 16, 2020
  5. Business finance

    In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $10,000 and the interest rate is 10 percent, the borrower “pays” 0.10 x $10,000 = $1,000 immediately, thereby

    asked by Bryan on January 10, 2011
  1. finance

    Your firm is considering the following three alternative bank loans for $1,000,000: a) 10 percent loan paid at year end with no compensating balance b) 9 percent loan paid at year end with a 20 percent compensating balance c) 6

    asked by Anonymous on July 27, 2014
  2. eco

    Suppose a person pays $80 of annual interest on a loan that has a 5 percent annual interest rate. The loan amount is: A. $400. B. $1,600. C. $160. D. $85. 10. Suppose a loan customer is considering two alternative $22,000 loans.

    asked by matt on May 26, 2011
  3. Math 201

    I am having problems with this question in my math class. Consider a student loan of ​$25,000.00 at a fixed APR of 12% for 25 years. a. Calculate the monthly payment. The monthly payment is $263.31 b. Determine the total amount

    asked by Stephanie on March 20, 2018
  4. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $32,000, and the monthly payments are $620. Required: If the loan will be paid off over the next 60 months, what is the APR of

    asked by Alec on February 19, 2014
  5. 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

    asked by Anyomous on June 15, 2017
  6. U.S. and Global Economics

    The owner of a flower shop needs a short-term loan to tide her business over until she completes the sale of some unused property. She asks the bank for a $25,000 six-month loan. The bank agrees to give her the loan, but attaches

    asked by Mary on November 11, 2013

You can view more similar questions or ask a new question.