Answer: 3.6 months.
Step-by-step explanation:
Given, A company borrowed 25,000 at 35% and was charged at $2,625 in interest.
Assume it as simple interest.
Formula : Interest = principal x rate x time. [Rate should be in decimal]
Substitute Principal = $25,000, Rate = 35% = 0.35 and Interest = $2,625 in the formula , we will get
[tex]2625=25000\times0.35\times\text{time}\\\\\Rightarrow\ \text{time}=\dfrac{2625}{25000\times0.35}=0.3[/tex]
So, time = 0.3 years = 0.3 x 12 months = 3.6 months.
