Asked by Megan Musialek on Apr 24, 2024

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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.
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Zybrea KnightMay 02, 2024
Final Answer :
T = I ÷ (PR) = $82.19 ÷ ($3,000 × 0.10) = 0.2740 year; 0.2740 × 365= 100.01, = 100 days