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April wants to borrow $750\$750 from her father and is willing to pay $55\$55in interest. Her father wants to charge an interest rate of 8%8\%. How long can April keep the money ?

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Full solution

Q. April wants to borrow $750\$750 from her father and is willing to pay $55\$55in interest. Her father wants to charge an interest rate of 8%8\%. How long can April keep the money ?
  1. Calculate Interest per Year: First, let's find out how much interest is accumulated each year by using the interest rate.\newlineInterest per year = Principal amount ×\times Interest rate\newlineInterest per year = $750×0.08\$750 \times 0.08
  2. Calculate Total Interest: Now, let's calculate the interest per year.\newlineInterest per year = $750×0.08=$60\$750 \times 0.08 = \$60

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