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Original Question
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?Asked by mandi
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?
take him to pay back the loan?
Answers
Answered by
Ms. Sue
I = PRT
2,500 = 10,000 * 0.05 * t
Solve for t (time)
2,500 = 10,000 * 0.05 * t
Solve for t (time)
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