can some one explain this problem to me and show how to do it

Greg signed a promissory note for $8,900 at 8% interest with interest charges of $890. Find the term of the note to the nearest month.
A.

9 months

B.

5 months

C.

6 months

D.

15 months

Question

can some one explain this problem to me and show how to do it 

Greg signed a promissory note for $8,900 at 8% interest with interest charges of $890. Find the term of the note to the nearest month.
 A.	
 
9 months
 
 B.	
 
5 months
 
 C.	
 
6 months
 
 D.	
 
15 months

anonymous · Answer

simple interest formula

I = Prt,  in this case r is divided by 12 i believe

anonymous · Answer

in other words:

8% is an annual charge, and in order to determine the monthly interest we have 8%/12

890 = 8900*.08/12 * t,  solve for t