StellarStella StellarStella

19-04-2016
Mathematics

Answered

Mia borrowed $5,000 from her grandparents to pay college expenses. She pays them $25 each month, and simple interest at an annual rate of 5% on the remaining balance of the loan at the end of each year.

How many years will she pay interest? Explain.

Verified Answer :

LiciaFloyd LiciaFloyd

28-04-2016

25×12=300 for the year
5000-300=4700

5%×4700=235
235÷25=9.4

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