Harry church borrowed 17,500.00 at 6.5% exact interest. he had to pay back a maturity value of 17,873.97 to pay off the loan. what was the term of the loan

the term of the loan is approximately 4 months

Step-by-step explanation:

The term of the loan means the period for which the loan was given.

We would apply the formula for simple interest which is expressed as

I = PRT/100

Where

P represents the principal

R represents interest rate

T represents time in years

I = interest after t years

From the information given

P = 17500

R = 6.5%

I = total amount paid - principal

I = 17,873.97 - 17,500.00 = 373.97

Therefore

373.97 = (17500 × 6.5 × T)/100

373.97 = 1137.5T

T = 373.97/1137.5

T = 0.32 years

Converting to months, it becomes

0.32 × 12 = 3.84

Approximately 4 months.

answer:

it will cost 480 dollars to refurbish the larger wood floor

step-by-step explanation:

as it's a ratio of 4 that costs 384 dollars, divide the price by the ratio

384 / 4 = 96 dollars

96 dollars per unit of the ratio

now to get the price to refurbish the larger wood floor, times the price by the units

96 * 5 = 480

just needed some points but try socratic