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Question 4 (multiple choice) How many days would it take a $7,300 home-remodeling loan to earn $2,000 exact interest at 8% interest rate? A. 1,250 B. 1,000 C. 1,080 D. 350
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Question 4 (multiple choice)

How many days would it take a $7,300 home-remodeling loan to earn $2,000 exact interest at 8% interest rate?

A. 1,250
B. 1,000
C. 1,080
D. 350

User Roman Liutikov
by
7.9k points

1 Answer

4 votes
Exact interest means that there are 365 days in a year
Now use the formula of simple interest
I=p×r×(t/365)
I interest earned 2000
P amount of the loan 7300
R interest rate 0.08
T time t days
Solve the formula for t to get
T=[I÷(pr)]×365
T=(2,000÷(7,300×0.08))×365
T=1,250 days

Hope it helps!
User Ruxuan Ouyang
by
8.0k points
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