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21 June, 16:37

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

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Answers (2)
  1. 21 June, 19:04
    0
    9 months

    Step-by-step 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
  2. 21 June, 19:37
    0
    Answer: 9 months.

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