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2 April, 07:15

A veterinary office takes out a loan to purchase a new set of digital animal scales that costs $12,250. The interest rate is 6.5%, and the total interest paid is $2,388.75. How many years is the loan for?

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  1. 2 April, 08:09
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    I'm assuming that $14638.75 is the amount paid in total (with interest)
  2. 2 April, 08:18
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    2,388.75 + 12,250 = 12,250 (6.5) ^*

    (14638.75:12250) = 6.5^x

    1.195 = 6.5^x

    log 1.195 = x log 6.5

    log 1.195: log 6.5 = x

    .18 = x
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