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 - Reiny, Wednesday, October 6, 2010 at 11:05pm
I = PRT
T = I/(PR)
I = 230
T = 230/(1200(.055)) = 3.48 years or 41.8 months
appr. 42 months