Asked by aisha

Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,261 interest on $52,600 at 5%. What was the time, using exact interest?
Answered by aisha
19.52
Answered by Reiny
Did you mean simple interest?
if so,

PRT = I
52600(.05)T = 1261
T = 1261/(.05(52600)) = .4795 years
or 175 days

check:
52600(.05)(175/365) = 1260.96 or $1261
There are no AI answers yet. The ability to request AI answers is coming soon!