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Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,307 interest on $45,000 at 4.0%. What was the time, using exact interest?

  • math -

    I = Po*(r/365)*t = $1307
    I = 45000*(.04/365)*t = 1307
    4.932t = 1307
    t = 265 Days.

  • math -

    3.25

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