Question

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?

Answer 1

I'm assuming that $14638.75 is the amount paid in total (with interest)

Answer 2

2,388.75 + 12,250 =12,250(6.5)^× 
(14638.75÷12250)= 6.5^x
1.195= 6.5^x
log 1.195= x log 6.5
log 1.195÷ log 6.5 = x
.18= x