SOLUTION: Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% That total inte
rest he paid on the loan was $186. How long was the loan for, in days? (A
Algebra.Com
Question 1168501: Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% That total inte
rest he paid on the loan was $186. How long was the loan for, in days? (Assume there are 365 days in a year and do not round any intermediate computations.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
I=PRT
186=2500*0.093*T
186-232.5*T
t=0.8 years
0.8*365=292 days
RELATED QUESTIONS
Pablo borrowed $900 from a credit union for 3 years and was charged simple interest at a... (answered by ikleyn)
Tom borrowed money from a credit union for 3 years and was charged simple interest at an... (answered by ikleyn)
Chelsea took out three loans for a total of $79,000 to start an organic orchard. Her... (answered by richwmiller)
Chelea took out three loans for a total of $76,000 to start an organic orchard.
Her... (answered by stanbon)
A loan is charged simple interest at an annual rate of 9.1%. The loan was repaid at the... (answered by Alex.33)
A corporate executive took out a $25,000 loan at an 8.8% annual simple interest rate for... (answered by jorel1380,rapture)
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)
Jamie just paid off a loan he took out six months ago at 12% simple annual interest. He... (answered by Boreal)
Jamie just paid off a loan he took out six months ago at 12% simple annual interest. He... (answered by stanbon)