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2 years ago

Linda borrowed $550 at 1% monthly interest she paid $99 in interest how long did Linda borrow the money

Mathematics

1 answer:

Elenna [48]2 years ago

8 0

The time period for which Linda has borrowed money is 18 years.

<h3>What is Interest ?</h3>

Interest is the amount of extra money paid by the person who has taken a loan.

It is given in the question that

Principal = $ 550

Interest Rate = 1%

Interest paid = $99

Time = ?

The formula for Simple Interest is given by

I = (P*R*T)/100

99 = 550 * 1 * T /100 *12

9900 *12 / 550 = T

T = 18* 12 = 216 months or 18 years.

The time period for which Linda has borrowed money is 18 years.

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