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?

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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) About Me  (Show Source):
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278.8/(4100*0.085) = 0.8 years or 0.8*12 = 9.6 months

Answer by TeachMath(96) About Me  (Show Source):
You can put this solution on YOUR website!
Correct answer: Term was: 8 years, or 96 months

Answer by greenestamps(13200) About Me  (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: 4100%2A.0085+=+34.85

The number of months for the interest to reach $278.80 is 278.80%2F34.85+=+8

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