Question 1145958: The question i need help with is
Morgan loaned $4,500 to Rolf at a simple interest rate of 0.60% per month. What was the term of the loan if the total interest came to $189.00?
i am having trouble figuring out how to do the question, in class we use p/y c/y N(c/yX# of years) I/y pv pmt and fv to solve this type of question. i have p/y=12, c/y=12, N=? I/y=0.60 pv=4500 pmt=0 and fv=4689 but it is coming up as an error on my calculator to compute N
if you could help me figure out n that would be very helpful.
Answer by Alan3354(69443)   (Show Source):
You can put this solution on YOUR website! Morgan loaned $4,500 to Rolf at a simple interest rate of 0.60% per month. What was the term of the loan if the total interest came to $189.00?
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189/4500 = 0.042
0.042/0.006 = 7 months
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