A veterinarian would like to upgrade the computer system for the office. The cost is $25,000, and the interest rate is 3.5%. The amount of interest to be paid is $5,250. How many months is the loan for?

Question

Mathematics

Alexandria Cross

30 March, 22:10

A veterinarian would like to upgrade the computer system for the office. The cost is $25,000, and the interest rate is 3.5%. The amount of interest to be paid is $5,250. How many months is the loan for?

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London Vincent · Answer 1

use the formula t = (1/r) (A/P - 1) to find time

r = 3.5% = 0.035

A = 25,000 + 5,250 = 30,250

P = 25,000

(1/0.035) (30250/25000-1)

(1/0.035) * 0.21 = 6 years

6*12 = 72 months