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  
 
{{{highlight(I=Prt)}}}, 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/Pr=Prt/Pr}}}
{{{I/Pr=t}}} I=15, P=1000, and r=6/100=.06
{{{t=(15)/(1000*.06)}}}
{{{t=15/60}}}
{{{t=1/4}}}
1/4 of a year is {{{t=(1/4)(360)}}}days
t=90 days (b)
Happy Calculating!!!