Leroy borrowed $1500 at an annual simple interest rate of 12%. He paid $270 in interest. For what time period did Leroy borrow the money?
A)8 years
B)18 months
C)5 years
D) 18 years

Question

natocmark natocmark

Today at 6:31 AM
Mathematics

Answered

Leroy borrowed $1500 at an annual simple interest rate of 12%. He paid $270 in interest. For what time period did Leroy borrow the money?
A)8 years
B)18 months
C)5 years
D) 18 years

Answer :

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mcleroyajdan mcleroyajdan · Answer 1 · 2025-04-14T06:37:18-04:00

mcleroyajdan mcleroyajdan

Today at 6:37 AM

Answer:

C. 5 years

Step-by-step explanation:

Answer Link

topeadeniran2 topeadeniran2 · Answer 2 · 2025-04-14T06:37:31-04:00

topeadeniran2 topeadeniran2

Today at 6:37 AM

The time taken for the loan will be 18 months.

Simple Interest is calculated as:

= PRT / 100

Therefore, we'll slot in the values into the formula. This will be:

270 = (1500 × 12 × T) / 100

270 × 100 = 18000T

27000 = 18000T

T = 27000/18000

T = 1.5 years

T = 18 months.

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Leroy borrowed $1500 at an annual simple interest rate of 12%. He paid $270 in interest. For what time period did Leroy borrow the money? A)8 years B)18 months C)5 years D) 18 years

Answer :

Other Questions

Leroy borrowed $1500 at an annual simple interest rate of 12%. He paid $270 in interest. For what time period did Leroy borrow the money?
A)8 years
B)18 months
C)5 years
D) 18 years