Question

Keisha took out a loan for 10,500 and was charged simple interest at an annual rate of 8.8%. The total interest she paid on the loan was $462. How long was the loan for, in months?

Answer 1

Answer: 6 months

Step-by-ste

462=(10,500)(0.88)t

462=924t

462/924=t

0.5=t

So the loan was 0.5 year's

Since we assume that there are 12 months in a year, the loan was 0.5 .12=6 months