Tom borrowed 750 from his father and agreed to pay a simple

Tom borrowed $750 from his father and agreed to pay a simple interest rate of 3.5%. After some time had passed, he paid his father $782.81. How long did it take Tom to pay back the loan, including interest to the nearest year?

Solution

Here principal ,P=$750

Amount,A=$782.81

Interest =3.5%=.035

A= P + PRT

782.81=750 + 750*.035 T

32.81=26.25 T

T=1.25 years