Fred loaned $3,440 to Sally at a simple interest rate of 7.92% per annum. What...

50.1K

Verified Solution

Question

Finance

image

Fred loaned $3,440 to Sally at a simple interest rate of 7.92% per annum. What was the term of the loan if the interest due came to $239.802 Express your answer in months, rounded to 2 decimal places

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students