Business Maths
posted by Ekanki on .
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.)

Period= 72
Explanation:
T = $7.04 = 0.20 × 360 = 72 days
$320 × 0.11
Check:
$320 × .11 × 72 = $7.04
360