Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,315 interest on $40,000 at 5%. What was the time, using exact interest? (Do not round intermediate calculations. Round up your answer to the nearest day.)

Answer 1

I = PRT

1,315 = 40,000 * 0.05 * T

1,315/2000 = T

0.6575 = T

240 days = T