Question

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

Answer 1

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.