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inna [77]
3 years ago
9

Zoe takes out a discounted loan for $1,200 at a simple interest rate of 6%, but only receives $1,020 into her bank account. What

's the duration of the loan? Give your answer in months to the nearest month.
Business
1 answer:
I am Lyosha [343]3 years ago
3 0

Answer:  35 months

Explanation:

Interest to be paid = 1,200 - 1,020

= $180

This means that;

180 = 1,020 * 0.06 * t

61.2t = 180

t = 2.94 years

In months

= 2.94 * 12

= 35.28

= 35 months

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