Homework Help: Business Maths

Posted by Ekanki on Monday, April 23, 2012 at 9:31pm.

Joy Kirby made a $320 loan to Robinson Landscaping at 11%. Robinson paid back the loan with interest of $7.04.

How long in days was the loan outstanding (assume 360 days)? (Round your answer to the nearest whole number.)

Business Maths - Ekanki, Monday, April 23, 2012 at 9:33pm
Period= 72

Explanation:

T = $7.04 = 0.20 × 360 = 72 days
$320 × 0.11

Check:
$320 × .11 × 72 = $7.04
360

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