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06-12-2017
Mathematics

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A veterinary office takes out a loan to purchase a new set of digital animal scales that costs $12,250. The interest rate is 6.5%, and the total interest paid is $2,388.75. How many years is the loan for?

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jorel1380 jorel1380

07-12-2017

12250 x.065 x t/12=2388.75
12250 x .065t=28665
t=36 months, or 3 years as the term of the loan

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