What was the term of a 4850 last at 4.5% if the interest due at the end was 145.50 (Do not round intermediate calculations. Round your answer to the nearest whole number) Term ofloan square months

## Step 1: Convert the interest rate to a decimal<br />### The interest rate is given as 4.5%, which is equivalent to 0.045 in decimal form. This is done by dividing the percentage by 100.<br />## Step 2: Calculate the annual interest<br />### We use the simple interest formula, $I = Prt$, where $I$ is the interest, $P$ is the principal, $r$ is the rate, and $t$ is the time in years. We are given $I = \$145.50$, $P = \$4850$, and $r = 0.045$. We want to find $t$. So, $145.50 = 4850 \times 0.045 \times t$.<br />## Step 3: Solve for the time in years<br />### Divide both sides of the equation by $(4850 \times 0.045)$ to isolate $t$. This gives $t = \frac{145.50}{4850 \times 0.045} = \frac{145.50}{218.25} \approx 0.6667$ years.<br />## Step 4: Convert the time to months<br />### Multiply the time in years by 12 to get the time in months. $0.6667 \times 12 = 8$ months.