SOLUTION: 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.

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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.
Answer by ikleyn(52803) About Me  (Show Source):
You can put this solution on YOUR website!
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For simple interest, we have this interest equation

    I = Prt


(I is the interest, P is the loan amount, r is the annual rate as a decimal and t is the time in years).


In our case this equation takes the form

    90 = 3000*0.15*d,


which implies  d = 90%2F%283000%2A0.15%29 = 90%2F450 = 1%2F5 of an year = 365/5 days = 73 days.


73 days after June, 9 is August, 21.


    //  ( I used online date calculator https://www.timeanddate.com/date/dateadded.html?d1=9&m1=6&y1=2000&   )


ANSWER.  The maturity day is  August, 21.    ANSWER

Solved.