If the note bears interest at 12%, how many months has it been outstanding?

The answer is The enthusiasm of 12% every year levels with a month to month rate of 1%; month to month intrigue is $91 ($9100X 1%). Since aggregate intrigue cost is $91, the note has been exceptional multi month  

Explanation:

Ascertaining interest month-by-month is a fundamental expertise. You'll frequently observe financing costs cited as a yearly rate, yet some of the time it's more useful to know precisely how much that means in dollars and pennies. We usually think as far as month to month costs.  For instance, you have month to month service charges, sustenance costs, or an auto installment. Intrigue is likewise a month to month (if not day by day) occasion, and those repeating interest counts signify huge numbers through the span of a year. Regardless of whether you're paying enthusiasm on an advance or gaining enthusiasm for a bank account, the way toward changing over from a yearly rate to a month to month loan cost is the equivalent.