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March 25, 2017

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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 - ,

    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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