Bob took out a loan for $4000 and was charged simple interest at an annual rate of 7.5% . The total interest he paid on the loan was $180 . How long was the loan for, in days? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Bob took out a loan for
and was charged simple interest at an annual rate of
.
The total interest he paid on the loan was
.
How long was the loan for, in days?
Assume that there are
days in a year, and do not round any intermediate computations.
If necessary, refer to the
.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
