How many days would it take a construction loan of $548,048 to earn$50,000 exact interest at 9% interest rate? 370 days 360 days 365 days 364 days

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asked Feb 11, 2018 201k views

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Sphinxxx · Answer 1 · 2018-02-17T03:42:44+0000

I guess you mean simple interest
I = PRT/100

50000 = 548048 * 9 * t / 100

t = 50,000 * 100
------------------- = 1.013699 years
548048* 9

multiply this by 365 gives 370 days

How many days would it take a construction loan of $548,048 to earn$50,000 exact interest at 9% interest rate? 370 days 360 days 365 days 364 days

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