Asked by Hussein
A loan of $3,500 at 7 1/5% simple interest was made on March 18.
On what date was it repaid if the interest cost was $162.25?
On what date was it repaid if the interest cost was $162.25?
Answers
Answered by
mathhelper
I = PRT
162.25 = 3500(.072)n , where n is the number of days
n = 162.5/(3500*.072) = .....
Once you have n , count from march 18
162.25 = 3500(.072)n , where n is the number of days
n = 162.5/(3500*.072) = .....
Once you have n , count from march 18
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