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Find the length of the loan in months, if $600 is borrowed with an annual simple interest rate of 9% and with $681 repaid at the end of the loan.
Length of the loan =__________ months

Respuesta :

The length of the loan in months is 151. 33 months

How to determine the length of time

The formula for determining simple interest is expressed as;

I = PRT/100

Where;

  • I is the simple interest
  • P is the principal amount
  • R is the simple interest rate
  • T is the time in years

From the information given, we have that;

Principal interest = $600

Simple interest = $681

Rate = 9%

Substitute the values into the formula

$681 = $600 × 9 × T/100

Multiply the numerators

$681 = 5400T/100

cross multiply

68100 = 5400T

Divide both sides by 5400

T = 68100/5400

T = 12. 61 years

Convert the years to months

T = 12.61(12)

T = 151. 33 months

Hence, the value is 151. 33 months

Learn more about simple interest here:

https://brainly.com/question/20690803

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