Math

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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

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