Question
Suppose Fred borrowed $5,616 for 25 months and Joanna borrowed $4,095.
Fred's loan used the simple discount model with an annual rate of 8.1% while Joanne's loan used the simple interest model with an annual rate of 3.4%.
If their maturity values were the same, how many months was Joanna's loan for?
Fred's loan used the simple discount model with an annual rate of 8.1% while Joanne's loan used the simple interest model with an annual rate of 3.4%.
If their maturity values were the same, how many months was Joanna's loan for?