3 years ago

BRAINLIESTT

Mathematics

1 answer:

Rudik [331]3 years ago

4 0

9514 1404 393

Answer:

3 months

Step-by-step explanation:

We don't know what's on your list of "useful financial formulas." One that can be used here is the formula for simple interest:

I = Prt . . . . . interest on principal P at annual rate r for t years

Solving for t gives ...

t = I/(Pr)

Filling in the given values, we can find t to be ...

t = 138/(4800×0.115) = 138/552 = 1/4

1/4 year is 3 months -- the duration of the loan.

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