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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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(75887) 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
============
Cheers,
Stan H.