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Oliver Douglas Opened a Repair Shop for Computer Printers

Question 57

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Oliver Douglas opened a repair shop for computer printers. Most of his loans were long term, but he got a short term loan of $2,645 for office supplies at a rate of 8.25% exact simple interest (365-day year). On the due date, Oliver repaid a total of $2,680.87. What was the length of the loan period? (To the nearest day.)

Correct Answer:

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T = I ÷ (PR); I = $2,680.87 - ...

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