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Wendy Ellison Needed to Borrow $2,500 to Pay Her Son's

Question 58

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Wendy Ellison needed to borrow $2,500 to pay her son's school tuition. She borrowed the money from her credit union at 8% ordinary simple interest (360-day year) and, repaid a total of $2,600 at the end of the loan period. Compute the length of the loan period. (To the nearest day.)

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I = $2,600 - $2,500 ...

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