Question

How many days would it take a construction loan of $548,048 to earn$50,000 exact interest at 9% interest rate?

Answer 1

The answer is 370 days

Answer 2

`\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\to &50000\\ P=\textit{original amount deposited}\to& \$548048\\ r=rate\to 9\%\to (9)/(100)\to &0.09\\ t=years \end{cases} \\\\\\ 50000=548048\cdot 0.09t\implies \cfrac{50000}{0.09(548048)}=t\implies 1.014\approx t`