On a $500 loan, Carla paid $60 interest at a rate of 8%. How long did she have the loan?

Answer: 1 year, 5 months or 17 months

Step-by-step explanation:

Interest (I) = $60

Principal (P) = $500

Rate (R) = 8%

Time (T) = ?

Since, Simple Interest (I) = (P x T x R) / 100

making T the subject of formula;

T = 100I / P x R

Inputting the values

T = 100 x 60 / 500 x 8

T = 6000 / 4000

T = 1 year, 5 months