SOLUTION: Margo borrows $1300, agreeing to pay it back with 2% annual interest after 305 days. How much interest will she pay?

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Question 1155778: Margo borrows $1300, agreeing to pay it back with 2% annual interest after 305 days. How much interest will she pay?
Answer by jtartaglia(1) About Me  (Show Source):
You can put this solution on YOUR website!
First find 2% of $1300.
%241300%2A0.02 =$26 per 365 day
Next, you could ratio it as such:
%28305%2Fx%29=%28365%2F26%29
Then, with cross multiplication, you come out to:
7930=365x
Simply divide-
7930%2F365=X=21.726
$21.726
(round up if you choose)