Question

Q1.please answer asap. Jenna borrowed $150,000 to buy a house. The loan has a simple interest rate of 2%. She paid $4,650 in interest. How long did it take her to pay back the loan?

Answer 1

Step-by-step explanation:

Answer:

Principal Amount = $ 1,50,000

Rate of Interest = 2%

Simple Interest = $ 4,650

Time Period = ?

The formula to calculate the Simple Interest is given by:

SI = PRT/100

Substituting the values we get:

$\begin{gathered}\implies 4650 = \dfrac{150000 \times 2 \times T}{100}\\\\\\\implies T = \dfrac{4650 \times 100}{150000 \times 2}\\\\\\\implies T = \dfrac{465000}{300000}\\\\\\\implies \boxed{ \bf{T = \textbf{1.55 years}}}\end{gathered}$

Hence it took 1.55 years to repay the loan.