SOLUTION: Find the length of a simple interest loan with P=$640, r=8.5%, and I=$95.20.

SOLUTION: Find the length of a simple interest loan with P=$640, r=8.5%, and I=$95.20.

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Question 108279: Find the length of a simple interest loan with P=$640, r=8.5%, and I=$95.20.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Find the length of a simple interest loan with P=$640, r=8.5%, and I=$95.20.
I = Prt
95.20 = 640*0.085t
t = 95.20/[640*0.085]
t = 1.75 or 1 year and 8 months
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Cheers,
Stan H.
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