Jonathan borrowed $475 at a simple annual interest rate of 2%. How many years will it take him to repay the loan if he wants to

Question

zzz [600]

2 years ago

8

Jonathan borrowed $475 at a simple annual interest rate of 2%. How many years will it take him to repay the loan if he wants to

pay $38 in interest?
A. 4
B. 5
C. 6
D. 7
Please help me out :)

Mathematics

2 answers:

DedPeter [7] · Answer 1 · 2023-11-16T21:07:05+03:00

DedPeter [7]2 years ago

6 0

Answer:

4

Step-by-step explanation:

vovikov84 [41] · Answer 2 · 2023-11-16T18:48:59+03:00

vovikov84 [41]2 years ago

3 0

Firstly you would times 475 by the percentage, which you can convert to a decimal my multiplying the percentage by 100.

475 * 0.02 = 9.50

Then divide the interest by the amount of interest per year:
38 / 9.5 = 4.

The answer would be 4 years.

Hope this helps.