dsgrin
dsgrin dsgrin
  • 25-05-2017
  • Mathematics
contestada

How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?

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Respuesta :

jpsimmons3 jpsimmons3
  • 25-05-2017
It takes 3 days to gather that much interest
Answer Link
Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 25-05-2017
Ordinary interest means there are 360 days in a year
The formula is
I=prt
1000=4500×0.08×(t/360)
Solve for t
T=1,000÷(4,500×(0.08÷360))
T=1,000 days

Hope it helps
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