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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