Question

Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,341 interest on $51,700 at 4%. What was the time using exact interest?

Answer 1

Answer:237 days

Step-by-step explanation:

Interest=1341

Principal$\left ( P\right )=\ 51,700$

rate of interest$\left ( t\right )=4%=0.04$

We know

Simple Interest=$\frac{P\times r\times t}{365}$

$time\left ( t\right )$=$\frac{I\times 365}{P\times r}$

$time\left ( t\right )$=$\frac{1341\times 365}{51700\times 0.04}$

$time\left ( t\right )$=$236.68 days\approx 237 days$