Question

On a loan of $1200 at 15% annual interest, Shirley had to pay $135 interest. For how many months did she have the loan?

Answer 1

Answer: 9 months .

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Answer 2

9 months

Explanation:

Principal= P= $1200

Rate=R= 15%

Interest= I= $135

Time= T= ?

I=P*R*T/100

135= 1200*15*T/100

135*100=18000*T

13500/18000=T

T= 0.75 years

T= 0.75*12= 9 months