Ask Question
11 September, 17:42

Nate borrowed $62,000 at 9.4% interest per year if he owed a total of $910.90 in when he repaid the loan how many days do they keep the money for

+3
Answers (1)
  1. 11 September, 20:39
    0
    The formula for simple annual interest is:

    I = Prt

    where,

    I = Interest accumulated = $910.90

    P = Principal Amount = $62000

    r = Interest rate = 9.4% = 0.094

    t = time in years

    Using the values in above equation, we get:

    910.90 = 62000 x 0.094 x t

    ⇒ t = 910.90 / (62000 x 0.094) = 0.156

    This is the time in years. Since there are 365 days in a year, the time in days will be:

    t = 0.156 x 365 = 57 (rounded to nearest day)

    This means, Nate kept the borrowed money for 57 days
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Nate borrowed $62,000 at 9.4% interest per year if he owed a total of $910.90 in when he repaid the loan how many days do they keep the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers