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Double on a simple interest loan

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Reference no: EM131877388

Recall the following formula that we derived for use in simple interest loans. 

P=M/1+RT

How many months would it take for the debt to double on a simple interest loan 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 big as P. 

Round your answer to the nearest month.

Reference no: EM131877388

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