Lamar 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.

292 days

Solution:

Step 1: Given data:

Principal = $2500

Annual rate = 9.3%

Simple interest paid = $186

Step 2: To find the number of year for the loan paid.

Simple interest =

Do cross multiplication.

⇒ 186 × 100 = 2500 × 9.3 × years

⇒

⇒

Step 3: To find how long the loan was paid in days:

1 year = 365 days

Multiply years by 365

⇒

⇒ days = 292

Hence, the loan was paid in 292 days.

14

step-by-step explanation:

14 x 3 = 42