Greg took loan for 7500 charged interest at a simple annual rate of 4.7% total interest he paid was $141 how long was the loan for

Answer 1

To find the length of the loan, we can use the formula for simple interest:

Interest = Principal x Rate x Time

In this case, the principal amount is $7500, the rate is 4.7%, and the interest is $141. We need to find the time.

141 = 7500 x 0.047 x Time

Divide both sides of the equation by (7500 x 0.047):

141 / (7500 x 0.047) = Time

Time ≈ 0.4 years

Since time is typically measured in years, the loan was for approximately 0.4 years, or 4.8 months.