SOLUTION: Find the length of a simple interest loan with P= $640, r= 8.5%, and I = $95.20 A. 18 months B. 2 years C. 11 months D. 1.75 years

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Question 87175: Find the length of a simple interest loan with P= $640, r= 8.5%, and I = $95.20


A. 18 months
B. 2 years
C. 11 months
D. 1.75 years

Answer by stanbon(48554) About Me  (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 = P(rt)
95.20 = 640(0.085t)
t=1.75 years
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Cheers,
Stan H.