SOLUTION: What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is $145.00? (Round any fraction to the next higher day.)

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Question 805717: What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is $145.00? (Round any fraction to the next higher day.)
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is $145.00? (Round any fraction to the next higher day.)
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I = Prt
145 = 3000*0.10*t
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145 = 300t
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t = 0.4833 years
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t = 177 days
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Cheers,
Stan H.
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