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
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-> 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
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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
