Question

Joy Kirby made a $320 loan to Robinson Landscaping at 11%. Robinson paid back the loan with interest of $7.04.

How long in days was the loan outstanding (assume 360 days)? (Round your answer to the nearest whole number.)
Period= 72

Explanation:

T = $7.04 = 0.20 × 360 = 72 days
$320 × 0.11

Check:
$320 × .11 × 72 = $7.04
360

Related Questions

A man borrows $50,000 towards the cost of a house. Compound interest is charge on the loan at 125 pe... 76% of all clients who apply for SBA loan are approved for the loan. Of the clients who are approved... You have arranged for a loan on your new car that will require the first payment today. The loan is... You have arranged for a loan on your new car that will require the first payment today. The loan is...