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?

Answer 1

I = Po*(r/365)*t = $1307
I = 45000*(.04/365)*t = 1307
4.932t = 1307
t = 265 Days.

Answer 2

3.25