document.write( "Question 1070077: Please Help!\r
\n" ); document.write( "\n" ); document.write( "Tom borrowed $2,000 from his father and agreed to pay a simple interest rate of 5.5%. After some time had passed, he paid his father $2,302.50. How long did it take Tom to pay back the loan, including interest?\r
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Algebra.Com's Answer #685241 by MathTherapy(10552) $\"\"$ $\"About$

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\n" ); document.write( "Please Help!\r
\n" ); document.write( "\n" ); document.write( "Tom borrowed $2,000 from his father and agreed to pay a simple interest rate of 5.5%. After some time had passed, he paid his father $2,302.50. How long did it take Tom to pay back the loan, including interest?\r
\n" ); document.write( "\n" ); document.write( "Thank you for your time!
\n" ); document.write( "

Use the formula, A = P(1 + TR), where:
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document.write( "A = Accumulated loan amount/future value, or amount repaid at end of term ($2,302.50, in this case)
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document.write( "P = Principal, or original amount borrowed ($2,000, in this case)
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document.write( "T = Time, in years (Unknown, in this case)
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document.write( "R = Annual interest rate (5.5%, or .055, in this case)
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document.write( "Solve for T, the time, in years. \n" );
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