Erica carried the balance for 20 days.
A quick and simple way to figure out interest on money is to use the simple interest technique, which adds interest at the same rate for each time cycle and always to the initial principal amount. Any bank where we deposit our funds will pay us interest on our investment. One of the different types of interest charged by banks is simple interest. Now, before delving further into the idea of simple interest, let's first define what a loan is.
A loan is a sum of money obtained by a person from a bank or other financial institution in order to meet their needs.
Formula for simple interest :
S.I. = P × R × T
S.I. = Simple interest
P = Principal
R = Rate
T = Time
To solve the question :
Interest = Principal ×Rate ×Time
$9.04 = ($750)(0.2199)(T)
T = 0.054812794 years
Multiplying 0.054812794 years to 365 days to convert to days:
0.054812794 years x 365 = 20 days (rounded to nearest day)
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