document.write( "Question 1198836: Find the length of the loan in months, if $600 is borrowed with an annual simple interest rate of 9% and with $681 repaid at the end of the loan.
\n" ); document.write( "Length of the loan = __________ months \n" ); document.write( "
Algebra.Com's Answer #833163 by Theo(13342)\"\" \"About 
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the simple interest formula is i = p * r * t
\n" ); document.write( "i is the interest
\n" ); document.write( "p is the principal
\n" ); document.write( "r is the interest rate per time period
\n" ); document.write( "t is the number of time periods\r
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\n" ); document.write( "\n" ); document.write( "sine you have to repay 681 at the end of the loan, the interest is 681 minus 609 = 81.
\n" ); document.write( "the formula becomes 81 = 600 * .09 * t
\n" ); document.write( "t is in years.
\n" ); document.write( "simplify to get 81 = 54 * t
\n" ); document.write( "solve for t to get t = 81/54 = 1.5 years
\n" ); document.write( "multiply by 12 to get 18 months.\r
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\n" ); document.write( "\n" ); document.write( "you could also have converted the annual interest rate to monthly interest rate and solved as follows.
\n" ); document.write( ".09 / 12 = .0075.
\n" ); document.write( "i = p * r * t becomes 81 = 600 * .0075 * t
\n" ); document.write( "simplify to get:
\n" ); document.write( "81 = 4.5 * t
\n" ); document.write( "solve for t to get t = 81 / 4.5 = 18 months\r
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\n" ); document.write( "\n" ); document.write( "either way, the answer should be 18 months.\r
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