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Your brother lends you $125 at an annual interest rate of 25%. If you want to pay no more than $62.50 in simple interest, in how many years will you need to pay off the loan? Use the formula: I = Prt.

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BrainlyHelper1
  1. You purchase a car using a $20,000 loan with a 5% simple interest rate.
AHow much interest do you pay on your loan if you pay off the loan in 4 years? Show your work.
BHow much interest do you pay on your loan if you pay off the loan in 2 years? Show your work.
CHow much interest do you save by paying the loan off in 2 years instead of 4? Show your work. Answer:

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