For Simple Interest Accounts, the Amount a Accumulated or Due

question 41

Multiple Choice

For simple interest accounts, the amount A accumulated or due depends on the principal p, interest rate r, and the time t in years according to the formula A = p(1 + rt) . Mary borrowed $7700 at 17.5% simple interest. If she repaid $18,749.50, what was the term of the loan?

• A) 8.0 years
• B) 8.2 years
• C) 8.4 years
• D) 8.6 years

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