Find the discount period in months
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Find the discount period in months

[From: ] [author: ] [Date: 13-11-05] [Hit: ]
1 X 0.125 = 8.......
Sue received $671.50 in cash as the proceeds from a loan of $680. The discount rate was 10% simple interest. Find the discount period in months. Have I done this correctly?

I=Prt
$8.50 = $680(.10)t
$8.50 = $68t
t = .125

.125(12) = 1.5 months

-
Yes, you are correct. Because

680 X 0.1 X 0.125 = 8.5
1
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