Asked by Talha Munir on May 13, 2024
Verified
Morgan loaned $3,100 to Rolf at a simple interest rate of 0.65% per month. What was the term of loan if the total interest came to $221.65?
Simple Interest Rate
Interest calculated only on the principal amount, not on the interest earned in previous periods.
Term Of Loan
The duration scheduled for the repayment of the loan.
- Understand the application of simple interest across a range of financial situations.
- Ascertain the interest rate, principal sum, and overall amount payable on investments and loans using simple interest principles.
Verified Answer
NV
Learning Objectives
- Understand the application of simple interest across a range of financial situations.
- Ascertain the interest rate, principal sum, and overall amount payable on investments and loans using simple interest principles.