Question

John and Bill built a new barn. To finance the loan, they paid $1,292 interest on $47,000 at 3%. What was the time, using exact interest? (Do not round intermediate calculations. Round up your answer to the nearest day.)

Answer 1

I = P*r*t
t = I/(P*r) = 1292/(47000*.03) = 0.916312 . . . years

0.916312 years * (365 days/year) = 334.454 days ≈ 334 days