need help with word problems

Mathematics
Tutor: None Selected Time limit: 1 Day

Using the ordinary interest (360 days) method, calculate the time (number of days) for which the money is borrowed in the following problem. if necessary, round your answer to the nearest day.

Principal 10000 annual interest rate 8% time (days)? and interest $500

Jun 21st, 2015

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

intrest=principalxratextime

500=10000 x 8 x t/360

1000t/45=500

10000t=22500

t=2.25 days


Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 21st, 2015

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