Asked by Megan Musialek on Apr 24, 2024
Verified
Alexander Carver loaned $3,000 to Bonnie Humphrey for a vacation trip. Compute the loan period if Alexander charged 10% exact simple interest (365-day year) and Bonnie repaid a total of $3,082.19. (To the nearest day.)
Exact Simple Interest
Interest calculated on the principal amount of a loan or investment, based on a 365-day year without compounding.
Loan Period
The duration of time from when a loan is issued to when it is expected to be fully repaid, including its principal and interest.
365-day Year
A financial calculation basis using a calendar year of 365 days for computing interest rates and other financial metrics, ignoring leap year variations.
- Calculate the period of a loan given the principal amount, total repayment, and interest rate.
- Apply mathematical formulas to solve problems related to finance.
Verified Answer
Learning Objectives
- Calculate the period of a loan given the principal amount, total repayment, and interest rate.
- Apply mathematical formulas to solve problems related to finance.
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