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16 February, 16:35

Karim was planning for his vacation to the Bahamas. To cover his costs, he took out a $15,800, 4% simple discount note and paid a $40 bank discount. What was the approximate length of his loan in days? Assume a 360-day year.

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  1. 16 February, 20:21
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    I = P*r*t

    40 = 15,800*.04 * (t/360)

    40 = 79t/45

    40*45/79 = t ≈ 22.8

    The loan was for approximately 23 days.
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