SOLUTION: how long does someone need to invest $1500 at a rate of 0.062% in order to pay off a loan for $1904.5?(what is the formula)

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Question 1173829: how long does someone need to invest $1500 at a rate of 0.062% in order to pay off a loan for $1904.5?(what is the formula)
Answer by greenestamps(13330) About Me  (Show Source):
You can put this solution on YOUR website!


Good luck if you really mean 0.062% as an annual rate....

0.062% as a decimal is 0.00062, so the yearly growth factor is 1.00062. The equation to be solved to find the answer to the problem is

1500%281.00062%29%5Ex+=+1904.5

Use a calculator to find the answer is about 385 years....

Of course the answer is quite different if you really mean 6.2%, which is 0.062 as a decimal.