SOLUTION: plz solve this Morgan loaned $3200 to Rolf at a simple interest rate of 0.65% per month. What was the term of the loan if the total interest came to $228.80?

Question 1015222: plz solve this
Morgan loaned $3200 to Rolf at a simple interest rate of 0.65% per month. What was the term of the loan if the total interest came to $228.80?
Found 3 solutions by FrankM, josmiceli, robertb:
Answer by FrankM(1040)   (Show Source): You can put this solution on YOUR website!
3200 * .65% = $20.80 interest per month.
$228.80/$20.80 = 11 months
Answer by josmiceli(19441)   (Show Source): You can put this solution on YOUR website!
Let = number of years of the loan

The term of the loan is 9 yrs
Answer by robertb(5830)   (Show Source): You can put this solution on YOUR website!
Use the simple interest formula I = Prt
Then 228.80 = 3200(0.0065)t
228.80 = 20.8t
==> t= 228.80/20.80 months = 11 months (the basis of interest is monthly).
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