Question

kala took out a loan for $4,800 and was charged simple interest at an annual rate of 11.5%. The total interest she paid on the loan was $138. How long was the loan for, in months?

Answer 1

0.25 years

Explanation:

Let the number of years be T

Principle= $4,800

Rate = 11.5%

S.I= $138

now:

T= S.I * 100 / P* R

=138*100 / 4800 * 11.5

= 13800 / 55200

= 138/552

= 0.25 years