TJ had a car loan for $5800. Over the course of the loan, he paid a total of $1508 in interest at a rate of 6.5%. Over how many months did TJ pay off the car loan?

Answer 1

Looking at your other post, I will assume that we are again talking about "simple interest"

(in reality simple interest would not be used for any length of time greater than one year. As a matter of fact the method used above would result in a rate much higher than 6.5%)

I = PRT
1508 = 5800(.065)T
T = 1508/(5800x.065) = 4
since the units of T from the formula is the number of years, for T = 4 yrs
it would need 48 payments.

If you are interested, I could calculate the "real" interest rate for the car loan.

Answer 2

I think that got it for us. Thank you so much!!