Joanne and Ed Greenwood built a new barn with an attached arena. To finance the loan, they paid $1,326 interest on $47,600 at 4%
. What was the time, using exact interest? (Do not round intermediate calculations. Round up your answer to the nearest day.)
Time ______ days
1 answer:
Answer:
Step-by-step explanation
Note that
Interest is represented by I=1326
The principal is represented by P=47,600
Rate is R =4%
And Time is year
Interest is calculated using the formulae,
I =PRT/100
From the above formulae, time can be calculated as
T=100I/PR
T= 100×1326/(47600×4)
T= 132600/190400
T= 0.6964 years
To convert to days, multiply by 365(since those no of days make a year)
T= 0.6964×365=254 days
This was approximated to the nearest day
Answer is 254 days
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