Question

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 )

Answer 1

I = PRT
T = I/(PR)

I = 230

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

appr. 42 months