SOLUTION: sonja needs to borrow $2,251 to pay for her college classes. Sallie Mae is offering her a 4.5% simple interest loan with an interest charge of $405.18 over the life of the loan. Ho

Question 654843: sonja needs to borrow $2,251 to pay for her college classes. Sallie Mae is offering her a 4.5% simple interest loan with an interest charge of $405.18 over the life of the loan. How many years is Sallie Mae giving her to pay back the loan with interest?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = the number of years to pay back the loan
= 1 years interest
--------------

Sallie Mae is giving her 4 years to repay the loan with interest

RELATED QUESTIONS
Hector needs to borrow $20000 to pay a contractor for a home addition. The bank is... (answered by MollyJoo)

Lynne needs to borrow $7500 for cosmetic surgery. She obtains a loan from her grandmother (answered by ikleyn)

Lynne needs to borrow $6250 for cosmetic surgery. She obtains a loan from her grandmother (answered by ikleyn)

BofA offer two programs for a car loan, 1st program offer is based on simple interest of... (answered by Theo)

Frederick needs to borrow $3000 for a down payment on a new car. His uncle decided to... (answered by Theo)

Joanna's parents agree to loan her the money for a car. They will loan her $5,000 for 5... (answered by rfer)

Your friend needs a loan of $4,000 for 2 months. You tell him for the simple interest... (answered by jim_thompson5910)

You borrow $1200 to buy a piano. The simple interest rate is 12%. You pay off the loan... (answered by josmiceli)

Sara just has just rented her first apartment starting December 1 before beginning... (answered by rfer)