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GrogVix [38]
3 years ago
10

On a $500 loan, Carla paid $60 interest at a rate of 8%. How long did she have the loan?

Mathematics
1 answer:
Anni [7]3 years ago
5 0

Answer: 1 year, 5 months or 17 months

Step-by-step explanation:

Interest (I) = $60

Principal (P) = $500

Rate (R) = 8%

Time (T) =?

Since, Simple Interest (I) = (P x T x R) / 100

making T the subject of formula;

T = 100I / P x R

Inputting the values

T = 100 x 60 / 500 x 8

T = 6000 / 4000

T = 1 year, 5 months

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