Evaluate 5.6t for t = 0.7
1 answer:
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Answer : The duration of the loan is, 6 months
Step-by-step explanation :
First we have to determine the discounted money.
Discounted money = $850 - $800 = $50
Thus, interest = $50
Now we have to determine the time of loan.
Formula used :
where,
P = principle
R = interest rate
T = time
S.I = simple interest
Now put all the given values in the above formula, we get:
For 1 year :
For 12 months :
Thus, the duration of the loan is, 6 months