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24 May, 10:25

A $1,500 loan has an annual interest rate of 4.25% on the amount borrowed. How much time has elapsed if the interest is now $127.50?

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  1. 24 May, 10:37
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    1) 1500*0.0425=63.75

    2) 127.50:63.75=2

    Answer is 2 year.
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