Interest of $300 is charged on a loan of $7300 bearing interest at r = 11%.What was the term of the loan? (Answer to the nearest day)
A)131 days
B)134 days
C)136 days
D)142 days

Question

Quizplus · Accepted Answer

We can use the formula: 
Interest = Principal x Rate x Time

Substituting the given values: 
$300 = $7300 x 0.11 x Time

Simplifying: 
Time = $300 / ($7300 x 0.11) 
Time = 0.36 years or approximately 131.4 days

Rounding to the nearest day, we get: 
Time = 136 days

Therefore, the answer is C) 136 days.

Interest of $300 Is Charged on a Loan of $7300