Homework Help: Math

Posted by thommini on Wednesday, October 6, 2010 at 10:54pm.

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

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