A $3,500 loan, taken now, with a simple interest rate of 5% per year, will require a total repayment of $3,850. At what time t will the loan mature?

Roughly 2 years

Step-by-step explanation:

3500 (1.05) ^t=3850

(1.05) ^t=1.1

t=1.953

So roughly 2 years

i think this is it?

The simple annual interest formula shows the interest charged on a loan.

To solve follow the formula - I = Prt

P is the principle, r is the annual interest in decimal form and t is the loan period.

I = ?

P principle = 3500

R interest rate = 0.05

T time 1 year

I=3,500*0.05*1

I=175

The answer is $175, so the amount of interest charged on the loan in one year is $175.