Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,307 interest on $45,000 at 4.0%. What was the time, using exact interest? (Do not round intermediate calculations. Round up your answer to the nearest day.) Please help!

Answer 1

I = Po*r*t = $1.307
45,000*(0.04/365)*t = 1307 Solve for t in days.

NOTE: Exact interest is based on 365 days per year instead of 360 days.

Answer 2

1304