Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total interest he paid on the loan was $141. How long was the loan for, in days? Assume that there are 365 days in a year, and do not round any intermediate computations.

Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total interest he paid on the loan was $141. How long was the loan for, in days? Assume that there are 365 days in a year, and do not round any intermediate computations.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total interest he paid on the loan was $141.

How long was the loan for, in days? Assume that there are 365 days in a year, and do not round any intermediate computations.

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