SOLUTION: Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% That total inte rest he paid on the loan was $186. How long was the loan for, in days? (A

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% That total inte rest he paid on the loan was $186. How long was the loan for, in days? (A      Log On


   



Question 1168501: Chris took out a loan for $2500 and was charged simple interest at an annual rate of 9.3% That total inte
rest he paid on the loan was $186. How long was the loan for, in days? (Assume there are 365 days in a year and do not round any intermediate computations.

Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
I=PRT
186=2500*0.093*T
186-232.5*T
t=0.8 years
0.8*365=292 days