SOLUTION: Mrs jones currently owes $637.50 simple interest on a loan of $2500 at an annual interest rate of 17%. How long has she had the loan? This is my daughters math problem an we h

Question 545605: Mrs jones currently owes $637.50 simple interest on a loan of $2500 at an annual interest rate of 17%. How long has she had the loan?
This is my daughters math problem an we have tried to figure it out with no luck. We believe we do not have enough information to get the answer.
thank you for your help

Found 2 solutions by mananth, scott8148:
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Simple Interest formula is p*r*t
p = principal = 2500
r= rate of interest=17%====> 0.17
Simple Interest = 637.50
t = time period in years = ?
637.50= 2500*0.17*t
637.50/(2500*0.17)=t
your calculator will give an answer 1.5 years
Answer by scott8148(6628) (Show Source): You can put this solution on YOUR website!
637.50 = 2500 (17%)(n) ___ where n is the number of years

637.5 / [2500(.17)] = n
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