I guess I have no place to put it but here.....

Ok so...please help me understand this question....in the easiest way possible...

A certain money market accout that has a balance of $48000 during all of the last month earned $360 in simple interest for the the month. At what simpe annual rate did the account earned interest last month?

A. 7%

B. 7.5%

C. 8%

D. 8.5%

E. 9%

I understand that you are supposed to use I = P R T....but are we always supposed to assume that the T is in years regardless if I and P are in months?