Shamari takes out a loan for $10,500, at 8.5% exact interest. if the amount of interest is $858.03, what is the time period of the loan? (round any fraction to the next higher day)

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Business

Addison Swanson

17 May, 07:00

Shamari takes out a loan for $10,500, at 8.5% exact interest. if the amount of interest is $858.03, what is the time period of the loan? (round any fraction to the next higher day)

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Alison · Answer 1

The answer is that the time period of the loan is 351 days.

Shamari takes out a loan = $10,500,

at 8.5% exact interest

If the amount of interest is = $858.03,

858.03 = 10,500 x. 085 x x/365

858.03 = 892.50 x x/365

858.03/892.50 = x/365

0.961378 = x/365

x = 0.961378 x 365

x = 350.9,

rounded is 351