Question

If a loan is taken out for $40.54 at 0.9% and costs $1.09, how long was the loan for?

Answer 1

2 YEAR AND 9 MONTHS

Explanation:

solution,

given,

principle [p]=40.54

rate [r]=0.9

interest=1.09

time[t]=?

now,

t=I*100/P*R

109/40.54*0.9

109/36.48

=2.9