Asked by adrie
A $4,000 loan at Brotherhood Credit Union is given to a member at 6%, and the interest is $110. When will the loan be due (assume 360 days)?
Answers
Answered by
oobleck
using compound interest, after x days,
4000((1 + .06/360)^x - 1) = 110
x = 162.78 days
4000((1 + .06/360)^x - 1) = 110
x = 162.78 days
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