SOLUTION: A riding stable borrowed $1,000 at a cost of $15 interest. If the loan was made at 6% simple interest, the length of the loan was:
a. 9 months
b. 90 days
c
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Question 56732: A riding stable borrowed $1,000 at a cost of $15 interest. If the loan was made at 6% simple interest, the length of the loan was:
a. 9 months
b. 90 days
c. 25 days
d. 4 days
Answer by funmath(2933) (Show Source): You can put this solution on YOUR website!
A riding stable borrowed $1,000 at a cost of $15 interest. If the loan was made at 6% simple interest, the length of the loan was:
a. 9 months
b. 90 days
c. 25 days
d. 4 days
, where I = interest, P=principle(money borrowed in this case), r=rate, and t=time in years (they count a year as 360 days for some reason.)
I=15, P=1000, and r=6/100=.06
1/4 of a year is days
t=90 days (b)
Happy Calculating!!!
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