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?

Respuesta :

jpsimmons3 jpsimmons3

25-05-2017

It takes 3 days to gather that much interest

Answer Link

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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