Respuesta :
hello
3 years. Since no mention of compounding was made I will assume that it's 3.5% simple interest. So first, let's calculate what percent of the entire loan was interest. Just a simply matter of division. 2625 / 25000 = 0.105 = 10.5% Now lets' divide the percentage of the loan that was paid in interest by the interest rate. 10.5% / 3.5% = 3 So the company took 3 years to repay the loan.
Have a nice day
3 years. Since no mention of compounding was made I will assume that it's 3.5% simple interest. So first, let's calculate what percent of the entire loan was interest. Just a simply matter of division. 2625 / 25000 = 0.105 = 10.5% Now lets' divide the percentage of the loan that was paid in interest by the interest rate. 10.5% / 3.5% = 3 So the company took 3 years to repay the loan.
Have a nice day
Answer: The company repaid the money in 3 years.
Step-by-step explanation:
Hi, to solve this problem we have to apply the simple interest formula:
I = P x r x t
where:
I = interest = $2625
P = Principal amount= $25,000
r = interes rate (decimal) = 3.5% = 3.5 / 100 = 0.035
t = time
So, mathematically speaking:
I = P x r x t
2625 = 25,000 x 0.035 x t
2625= 875 x t
2625 / 875 =t
3 years = t
In conclusion, the company repaid the money in 3 years.
Feel free to ask for more if it´s necessary or if you did not understand something.
