Answer:
Use the formula: I = P x R x T
I = $125
R = 5%
P = $10,000
T = T/ days
I = P x R x T
125 = $10,000 X 5% X (T/365)
125 = $10,000 X 0.05 X (T/365)
125 = $500 X (T/365)
125 = $500T/365
Cross multiply
$500T = 125 x 365
$500T = 45625
$500T/$500 = 45625/$500
T = 91.5 days
T = 91 days
That is the length of the loan period to the nearest day is 91 days
Step-by-step explanation:
The simple interest I , on a principal P, Invested for T years, at R interest rate is given by the formula. I = P x R x T.
All the letters are given except T which represents the time. what we need do is to plug the given numbers into the formula and find the unknown T.
it is very important to note that T is expressed in years or fraction of a year
