A$1,500 loan has an annual interest rate of 4 1/4% on the amount borrowed. how much time has elapsed if the interest is now $127.50?

2 years

Step-by-step explanation:

Given : A $1,500 loan has an annual interest rate of 4 1/4% on the amount borrowed.

To Find : How much time has elapsed if the interest is now $127.50?

Solution :

Formula of simple interest : principal *rate *time

Principal = $1,500

Rate (in decimals )

Time (in years)

Simple interest = $127.50

Putting values in formula

$127.50 =  1500*0.0425*time

127.50 =  63.75*time

= time

2 years = time

Thus time will be 2 years

y=mx+b

step-by-step explanation:

m is slope, b is y-intercept

215.92 dollars is the answer