Given:
Principal amount = $9297
rate = 6 1/2 %
Simple interest = $453.23
To calculate the simple interest,
[tex]\begin{gathered} I=\text{PRT} \\ P=9297 \\ I=453.23 \\ R=6\frac{1}{2}\text{ \%=}\frac{13}{2}\text{ \%=6.5\%} \end{gathered}[/tex]
It gives,
[tex]\begin{gathered} 453.23=9297\cdot\frac{6.5}{100}\cdot T \\ T=\frac{453.23\cdot100}{9297\cdot6.5} \\ T=0.75\text{ years} \\ \Rightarrow T=9\text{ months} \end{gathered}[/tex]
Answer: The term of the loan is 9 months.
