Post a New Question

Math

posted by on .

Jared obtained a simple interest loan for 1200 at a credit union at an annual interest rate o f 5.5%. if Jared paid $1430 to repay the loan, for how many months, was the money borrowed ?
( can you please tell me the steps. thanks )

  • Math - ,

    I = PRT
    T = I/(PR)

    I = 230

    T = 230/(1200(.055)) = 3.48 years or 41.8 months

    appr. 42 months

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question