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how long in days was the long outstanding?
Sue made a $300 loan to martys landscaping at 12%. sue paid back the loan with interest of $7.94. How long in days was the loan outstanding (assume 360 days not 365 in a year)? _________days
1 Answer
- FLv 61 decade agoFavorite Answer
Hi.
Let´s try this:
300 * 0,12 * x = 7,94 ; (amount * %interest * period = $ interest)
36x = 7,94
x = 0,2205 (the period of the loan is 22,05% of a year)
360 * 0,2205 = 79,38
So the loan lasted 79,38 days.
Check:
300*0,12 * (794/3600) = 7,94
Hope this helped!