Recall the following formula that we derived for use in simpleinterest loans. P=M/1+RT How manymonthswould it take

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Recall the following formula that we derived for use in simpleinterestloans.

P=M/1+RT

How manymonthswould it take for the debt to double on a simpleinterestloan whose annual rate is 8.12%? In other words, find the doubling time.

Hint: divide both sides of the equation by M and think about the ratio P/M when M is twice as bigasP.

Round your answer to the nearest month.

Posted Date: Jun 07, 2024 09:05 AM

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Recall the following formula that we derived for use in simpleinterest loans. P=M/1+RT How manymonthswould it take

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