Question

Morgan loaned $3,600 to Rolf at a simple interest rate of 0.90% per month. What was the term of the loan if the total interest came to $226.80?
a. 5 months
b. 8 months
c. 10 months
d. 12 months

Answer 1

Answer:

$3,600(.009m) = $226.80

$32.40m = $226.80

m = 7 months

None of those choices are correct.