Question 45862
A loan of $4600 was amde at 7% simple interest. The interest paid was $483. What was the length of the loan? My answer is 1.5 years. thanks for looking it over with me.

I=prt [Use the equation for simple interest]
(483)=(4600)(.07)(t) [Plug-in the values]
483=322t [Solve for "t"]
483/322=t
1.5=t
.
.

Check by plugging (t=1.5) back into the original equation:
(483)=(4600)(.07)(1.5)
483=483 [Checks out]