A. TA = P + I; I = (P x i x t)
1. Peter borrowed $1,200 for 5 months at 9% interest.
2. A debt of $2,600 plus $52.00 interest was paid in full at the end of the third month. What was the interest rate used?
3. A debt of $4,800 was paid with a check in the amount of $4,980. If the interest rate was 7½%: How long did it take to pay?