How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?

Question

Mathematics

Kolby Hoover

29 April, 18:14

How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?

+2

Answers (1)

Know the Answer?

Carson Franklin · Answer 1

This can be solve using the formula:

F = p (1 + in)

Where F is the future woth

P is the principal amount

i is the interest rate

n is the number of years

4500 + 1000 = 4500 (1 + 0.08n)

Solve for n

N = 2.8 years

Assume there are 365 days a year

2.8 years (365 days / year) = 1014 days