Question
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?
Answers
MathMate
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.
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.