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 ?

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 )

Reiny · Answer

I = PRT T = I/(PR) I = 230 T = 230/(1200(.055)) = 3.48 years or 41.8 months appr. 42 months