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If you earned $1000 interest on a loan of $5200 at a yearly interest rate of 2.5%, how many years was the loan for? (Round to the nearest tenth)

Respuesta :

bhatch0951

Answer:

170 years

Step-by-step explanation:

R/100=2.5%

time= 100=0.025 per year (1/0.025) (5200\1000)-1=168

time=168 years

Snor1ax

Answer: 7.7 years

Step-by-step explanation:

Total amount = Principle + Interest = 5200 + 1000 = 6200

A = P(1 + rt)

6200= 5200[1+(0.025)(t)]

6200=5200+130t

-130t=5200-6200

-130t=-1000

t=100/13

t= 7.7 years

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