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30 May, 08:25

A note with a face value 4300 was discounted at 3%. if discount was 21 dollars. find the length of loan in days

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  1. 30 May, 08:46
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    The annual discount is 3%, therefore the total discount for 1 year would be:

    4300 * 3 : 100 = 129$

    Now, you can set a proportion:

    discount : annual discount = loan days : days in one year

    21 : 129 = x : 360

    x = 21 * 360 / 129 = 58.6 days

    Hence, the loan duration was 60 days.
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