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

How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?
asked 120k views
2 votes
How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?

asked
User ManOx
by
7.5k points

2 Answers

4 votes
It takes 3 days to gather that much interest
answered
User Dan Balaban
by
8.0k points
1 vote
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
answered
User Yoav Schniederman
by
8.5k points
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