heyhi1234 heyhi1234
  • 11-03-2018
  • Mathematics
contestada

Karim was planning for his vacation to the Bahamas. To cover his costs, he took out a $15,800, 4% simple discount note and paid a $40 bank discount. What was the approximate length of his loan in days? Assume a 360-day year.

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sqdancefan
sqdancefan sqdancefan
  • 12-03-2018
I = P*r*t
40 = 15,800*.04*(t/360)
40 = 79t/45
40*45/79 = t ≈ 22.8

The loan was for approximately 23 days.
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