Answer: it took T.J. 48 months to pay the car loan.
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
P = principal or amount loaned
R = interest rate
T = time in years.
I = interest
From the information given,
P = $5800
R = 6.5%
Over the course of the loan, he paid a total of $1508 in interest. Therefore,
I = $1508 Therefore,
1508 = (5800×6.5×T)/100
1508 = 377T
T = 1508/377 = 4 years
Assuming there are 12 months in a year, the number of months in 4 years would be 4×12 = 48 months
