While mary corens was a student at the university of tennessee, she borrowed $12,000 in student loans at an annual interest rate of 10.10%. if mary repays $1,500 per year, how long (rounded up to the nearest year) will it take her to repay the loan?

Explanation:

we need to sovle for the time in an ordinary annuity.

The loan (present value of the annuity) is 12,000

the payment are 1,200 per year

and the rate is 10.10% we need to solve for  years:

C  $   1,500

time  n

rate   10.10% = 10.10/100 = 0.101

PV  $   12,000

we plug the values and work-out the equation

Solve for the right side, and apply logarithmics properties:

-n =-17.15110682

n = 17.15

the loan will take 17 years to repay if Mary does annual payment of 1,500

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