A loan of $1500 is repaid with a check for $1575. If the annual simple interest rate was 6%, what was the time length of the loan in years? In months? The loan was for years long (round two decimal places) That means the loan was for months (round to the nearest month)
A loan of $1500 is repaid with a check for $1575. If the annual simple interest rate was 6%, what was the time length of the loan in years? In months? The loan was for years long (round two decimal places) That means the loan was for months (round to the nearest month)
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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Transcribed Image Text:A loan of $1500 is repaid with a check for $1575. If the annual simple interest rate was 6%, what was
the time length of the loan in years? In months?
The loan was for
years long (round two decimal places)
That means the loan was for
months (round to the nearest month)
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