Question

Aldo took out a loan for $2500 and was charged simple interest at an annual rate of 9.3%. The total interest he paid on the loan was $186. How long was the loan for, in days? Assume that there are 365 days in a year, and do not round any intermediate computations.

Answer 1

Answer: 291.6 days

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the loan.

P represents the principal or amount taken as loan

R represents interest rate

T represents the duration of the loan in years.

Considering Henry's loan,

P = 2500

R = 9.3%

I = 186

186 = (2500 × 9.3 × T)/100

186 = 232.5 T

T = 186/231.6

T = 0.8 years

Assume that there are 365 days in a year, it would be

0.8 × 3645 = 291.6 days