How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?

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asked Feb 23, 2018 120k views

2 Answers

Yoav Schniederman · Answer 1 · 2018-02-27T18:42:39+0000

Ordinary interest means there are 360 days in a year
The formula is
I=prt
1000=4500×0.08×(t/360)
Solve for t
T=1,000÷(4,500×(0.08÷360))
T=1,000 days

Hope it helps

How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?

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