Can someone help write the equation for me?

If you borrow money, you have to pay interest on the loan. The forumla that is used to calculate interest is I=PRT, where I is the amount of interest you must pay for borrowing P dollars at R% (in decimal form) for T years. Find the length of time you would take to pay for a loan of $200 at an interest rate of 5% per year and an interest payment of $60

Question

Can someone help write the equation for me?

If you borrow money, you have to pay interest on the loan. The forumla that is used to calculate interest is I=PRT, where I is the amount of interest you must pay for borrowing P dollars at R% (in decimal form) for T years. Find the length of time you would take to pay for a loan of $200 at an interest rate of 5% per year and an interest payment of $60

anonymous · Answer

I = PRT, so plug in what you know--convert the 5 percent to a decimal and assign x to the number of years (time) you want to figure out:

60 = (200)(.05)(x) 
60 = 10x
6 = x (or 6 years)
The interest for one year would have been $10 using the same formula, so if the interest is $60, you'd divide 60 by 10 = 6.