Answer:
m = 16.25 months
Step-by-step explanation:
To find the value for m, we first have to consider the formula for calculating simple interest.
The formula that we generally use is:
Now we have to find the value for t as it is not given.
We now define the different variables that we do have.
P = 860
I = 838.50
r = 6% or 0.06
t = ?
First we substitute the value that we do have in the formula.
838.50 = 860 (0.06) (t)
838.50 = 51.6 (t)
838.50 = 51.6t
Now we have to divide both sides by 51.6 to find the value of t.
t = 16.25
Now that we have all the values, we can check if the number months is correct by doing the formula again.