Gregoria borrowed $2,450, to be paid back at 3.5% simple interest. She repays $3221.75. How many years was the loan period?

90.7yrs.  

Step-by-step explanation:

Given parameters:

Amount borrowed  = $2450

Interest rate  = 3.5%

Amount repaid = $3221.75

Unknown:

Number of years the load was paid  = ?

Solution:

The formula of simple interest;

    I = PRT

Where I is the interest

           P is the principal

          R is the rate

          T is the time

  To find the interest;

    Interest = Amount paid back - loan  = 3221.75 - 2450  = 771.75

Now;

     P = IRT

     2450  = 771.75 x  x T

     2450 =

    T =   = 90.7yrs

The number of years of the loan period was 90.7yrs.  

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step-by-step explanation:

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