Problema Solution
How many years would you have to pay back a loan of $5,700.00 with a interest rate of 6.25% and 1,781.25 in simple interest? What is the formula for this problem?
Answer provided by our tutors
The time to pay back is t
Formula is
I = P*r*t
The equation is
5700*6.25%*t = 1,781.25
So
t = 5
So time to pay back is 5 years