SOLUTION: what is the time factor in a simple intrest loan when the intrerest is $360, the principal is $1800 and the rate is 10%?

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Question 395612: what is the time factor in a simple intrest loan when the intrerest is $360, the principal is $1800 and the rate is 10%?
Answer by gwendolyn(128) About Me  (Show Source):
You can put this solution on YOUR website!
The equation for finding simple interest is I=PRT, where I represents interest, P represents principle, R represents rate, and T represents time.
If we substitute all the variables given, then the equation looks like:
I=PRT
360=1800%2A.1%2At
Now, we have one equation with one variable, which means that we can solve it.
360=1800%2A.1%2At
360=180t
2=t
So, the time factor is two.