what is the time period of a loan for $2,500, at 12% exact interest, if the amou

Algebra
Tutor: None Selected Time limit: 1 Day

what is the time period of a loan for $2,500, at 12% exact interest, if the amount of interest is $118.36?round to the nearest day.

Jun 20th, 2015

Thank you for the opportunity to help you with your question!

Let's call x the time period expressed in days. We have

2500*0,12/365*x=118.36 so x=118.36*365/(2500*0,12)=144 days

Hope it helps !!!

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 20th, 2015

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