Question

A man needed money for college. He borrowed ​$6,000 at 14​%

simple interest per year. If he paid $210 ​interest, what was the
duration of the​ loan?

Answer 1

T = 1/4 years

or 0.25 years

or 1 fourth of a year

or 3 months

all of these are equivalent

Explanation:

The formula for simple interest is,

SI = (P)(R)(T)

Here, SI is the simple interest

P is the principal amount

R is the rate(in decimal form)

T is the time (here, it is in years)

Now,

P = 6000

R = 0.14

SI = 210

we have to find T, so,

T = SI/(P)(R)

T = (210)/(6000)(0.14)

T = 1/4 years or 0.25 years