document.write( "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. \n" ); document.write( "

Algebra.Com's Answer #797566 by ikleyn(52803) $\"\"$ $\"About$

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document.write( "For simple interest, we have this interest equation\r\n" );
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document.write( "    I = Prt\r\n" );
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document.write( "(I is the interest, P is the loan amount, r is the annual rate as a decimal and t is the time in years).\r\n" );
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document.write( "In our case this equation takes the form\r\n" );
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document.write( "    90 = 3000*0.15*d,\r\n" );
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document.write( "which implies  d =  =  =  of an year = 365/5 days = 73 days.\r\n" );
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document.write( "73 days after June, 9 is August, 21.\r\n" );
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document.write( "    //  ( I used online date calculator https://www.timeanddate.com/date/dateadded.html?d1=9&m1=6&y1=2000&   )\r\n" );
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document.write( "ANSWER.  The maturity day is  August, 21.    ANSWER\r\n" );
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