On a loan of $1200 at 15% annual interest, Shirley had to pay $135 interest. For how many months did she have the loan?
2 answers:
Answer: 9 months .
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Answer:
<u><em>9 months</em></u>
Step-by-step explanation:
Principal= P= $1200
Rate=R= 15%
Interest= I= $135
Time= T= ?
I=P*R*T/100
135= 1200*15*T/100
135*100=18000*T
13500/18000=T
T= 0.75 years
T= 0.75*12= 9 months
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