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(2873) About Me  (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

highlight%28I=Prt%29, 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%2FPr=Prt%2FPr
I%2FPr=t I=15, P=1000, and r=6/100=.06
t=%2815%29%2F%281000%2A.06%29
t=15%2F60
t=1%2F4
1/4 of a year is t=%281%2F4%29%28360%29days
t=90 days (b)
Happy Calculating!!!