A note with a face value 4300 was discounted at 3%. if discount was 21 dollars. find the length of loan in days

1 answer:

6 0

The annual discount is 3%, therefore the total discount for 1 year would be:

4300 × 3 ÷ 100 = 129$

Now, you can set a proportion:

discount : annual discount = loan days : days in one year
21 : 129 = x : 360

x = 21 × 360 / 129 = 58.6 days

Hence, the loan duration was 60 days.

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Sam is opening a saving account with $1,500 she got for her birthday. It

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Answer:

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Step-by-step explanation:

Simple interest for any amount p is given by

SI = P*R*T/100

where R is the rate of interest

T is the time period in years

given

P =$1500

R = 4%

T we have to find

SI = $540

Thus, putting the given value in SI = P*R*T/100

540 = 1500*4*T/100

T = 540*100/1500*4 = 9 years

Thus, It will take 9 years for Sam to earn $540

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