Question

Shaquil needs to borrow $400. the loan company charges him $80 in fees for the loan. shaquil calculates that the annual percentage rate (apr) on his loan is 250%. approximately what is the term of shaquil’s loan? a. 7 days b. 29 days c. 46 days d. 73 days please select the best answer from the choices provided a b c d

Answer 1

The  term of shaquil's loan will be 29 days approximatly.

We have given that,

Principle amount (p) = $400

Rate (r)= 250% = 2.5

Interest = $80

t = time (in days) = t/365

What is the formula simple interest?

$I=prt$

$r=\frac{I}{rt}$

$2.5 = \frac{80\times 365}{400\times t}$

$t= \frac{80\times 365}{400\times 2.5}$

$t=\frac{73}{2.5}\\ \\t=29.2$

t = 29.2

t = 29 days

Therefore option (B) is correct.

Therefore the  term of shaquil's loan will be 29 days approximatly.

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