SOLUTION: Michelle got a student loan for $12,500 to start her Freshman year in college. The
annual percentage rate is 7.54%. If she paid $9,425 in interest, how many years did
it take Mic
Algebra.Com
Question 1202447: Michelle got a student loan for $12,500 to start her Freshman year in college. The
annual percentage rate is 7.54%. If she paid $9,425 in interest, how many years did
it take Michelle to pay off her loan?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P =12500
Rate = 7.54% = 0.0754
n= numbers
Based on the given conditions,
I = P *r*n
12500*0.0754*n=9425
9425/(12500*0.0754) = 10
10 years
RELATED QUESTIONS
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
Delaney took out a $32,000 student loan with a fixed interest rate to pay for college.... (answered by Theo)
Michelle sets aside $7000 for her car loan repayment each year. If this amount... (answered by macston)
Jessica borrowed $5,000 two years before she graduated. The interest rate on her student (answered by Theo)
Chelsea took out three loans for a total of $79,000 to start an organic orchard. Her... (answered by richwmiller)
If you take out a loan for one year for 4,500.00. What would be the simple interest on... (answered by MathStudent15)
Mr. Khaild will receive $8,500 a year for the next 15 years from his trust. If a 7... (answered by ikleyn)
Carissa's parents were unable to pay for her last year of college, so she obtained a... (answered by Theo)
Chelea took out three loans for a total of $76,000 to start an organic orchard.
Her... (answered by stanbon)