SOLUTION: Sam loaned $4,100 to Ralph at a simple interest rate of 0.85% per month. What was the term of the loan, in months, if total interest came to $278.80?

Question 1108316: Sam loaned $4,100 to Ralph at a simple interest rate of 0.85% per month. What was the term of the loan, in months, if total interest came to $278.80?

Found 3 solutions by addingup, TeachMath, greenestamps:
Answer by addingup(3677)   (Show Source): You can put this solution on YOUR website!
278.8/(4100*0.085) = 0.8 years or 0.8*12 = 9.6 months
Answer by TeachMath(96)   (Show Source): You can put this solution on YOUR website!
Correct answer: Term was: 8 years, or 96 months
Answer by greenestamps(13200)   (Show Source): You can put this solution on YOUR website!

Unfortunately, you got two wrong answers to the problem so far....

Tutor addingup used 8.5% per month instead of 0.85%; then he interpreted his incorrect answer as years instead of months....

Tutor teachmath used an interest rate of 0.85% per year instead of per month....

The interest per month is 0.85% of $4100:

The number of months for the interest to reach $278.80 is

It take 8 months for the total interest to reach $278.80.
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