Question 1070077

Please Help!

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?

Thank you for your time!
<pre>Use the formula, A = P(1 + TR), where:
A = Accumulated loan amount/future value, or amount repaid at end of term ($2,302.50, in this case)
P = Principal, or original amount borrowed ($2,000, in this case)
T = Time, in years (Unknown, in this case)
R = Annual interest rate (5.5%, or .055, in this case)
Solve for T, the time, in years.