SOLUTION: What is the maturity date of a loan for $3,000 at 15% exact interest taken out on June 9? The amount of interest on the loan was $90.

Question 1172503: What is the maturity date of a loan for $3,000 at 15% exact interest taken out on June 9? The amount of interest on the loan was $90.
Answer by ikleyn(52803) (Show Source): You can put this solution on YOUR website!
.


For simple interest, we have this interest equation

    I = Prt


(I is the interest, P is the loan amount, r is the annual rate as a decimal and t is the time in years).


In our case this equation takes the form

    90 = 3000*0.15*d,


which implies  d =  =  =  of an year = 365/5 days = 73 days.


73 days after June, 9 is August, 21.


    //  ( I used online date calculator https://www.timeanddate.com/date/dateadded.html?d1=9&m1=6&y1=2000&   )


ANSWER.  The maturity day is  August, 21.    ANSWER

Solved.

RELATED QUESTIONS
A- A businessperson took out a loan of $ 120,000 from the Bank at a simple interest rate... (answered by Boreal)

You take out a loan of $15,000 to purchase a car. If your loan is for 3 years at a... (answered by Boreal,MathTherapy)

A compay borrows 91,000 for 5 years at a simple interest rate of 15.5%. Find the interest (answered by mananth)

$75 is charged as a simple interest on a loan which is taken for 3 years at an interest... (answered by Theo)

Devon takes out a loan of $1,500, at simple interest, for 56 months. What is the... (answered by farohw)

Find the exact interest on a loan of 6,000 at 9% annually for 80... (answered by rfer)

What is the simple interest on a loan of $600 for 3 years at 6%... (answered by solver91311)

Matthew borrowed Php30,000 on May 6, 2015 at a rate of 7 1⁄4 %. The loan was due on May (answered by Boreal)

On March 5, 2016, Blake borrowed $79,650 from Equitable Bank at 4.09% p.a; he settled the (answered by CPhill)