Acompany borrowed $25000 at 3.5% and was charged $2625 in interest. how long was it before the company repaid the money?

To solve this, we are going to use the simple interest formula: 
where
is the total amount the company paid after  years.
is the money that the company borrowed
is the interest rate in decimal form 

Notice that if the company paid $2625 in interest, the total amount that the company paid was the interest plus the amount they borrowed, so:


Next, we are going to convert the interest rate to decimal form. To do that we are going to divide the rate by 100%



Now we know that , , and . So lets replace those values in our simple interest formula to find :









We can conclude that the company repaid the money after 3 years.