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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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1 vote
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

User Freddie Bell
by
8.5k points

1 Answer

0 votes
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
User Sphinxxx
by
7.7k points
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