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anonymous

  • one year ago

How many days would it take a construction loan of $548,048 to earn$50,000 exact interest at 9% interest rate?

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  1. tkhunny
    • one year ago
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    Please define "Exact Interest".

  2. anonymous
    • one year ago
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    Exact interest= Principle*Rate*Time/365 I just need help setting up the equation and then walk through it :)

  3. tkhunny
    • one year ago
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    You already have the equation. Fill in the blanks. Principle = 548048 Exact Interest = $50000 Rate = 9% Substitute and demonstrate your best algebra.

  4. anonymous
    • one year ago
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    $50,000= $548,048*0.09*t $50,000=$49,324.32t 1.01=t Is that right?

  5. anonymous
    • one year ago
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    How do you find the number of days though?

  6. anonymous
    • one year ago
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    Here's the answers- 370 days 364 days 360 days 365 days

  7. anonymous
    • one year ago
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    I know I have no clue

  8. tkhunny
    • one year ago
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    Use your best algebra skills?

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