Answer:
Option b - 246 days.
Explanation:
Given : Suppose you take out a loan for $9,000, at 12% ordinary interest. If the amount of interest is $762.00.
To find : What is the time period?
Solution :
We are going to apply interest formula which is given as,
![A=P(1+r)^t](https://img.qammunity.org/2020/formulas/mathematics/middle-school/mx7m27cl3u5582uaxzowc38y4tzzboesz2.png)
Where, I is the amount of interest I=$762
P is the principal value P=$9000
r is the interest rate r=12%=0.12
t is the time period
Amount is A=P+I=9000+762=$9762
Substitute the value in the formula,
Taking log both side,
Converting time from year into days,
Therefore, Option b is correct.