Solved

Paula Frye Loaned $10,000 to Her Son's New Business at 5

Question 52

Short Answer

Paula Frye loaned $10,000 to her son's new business at 5% ordinary simple interest (360-day year). At the end of the loan period, Paula received the $10,000 plus $125 interest. Compute the length of the loan period. (To the nearest day.)

Correct Answer:

verifed

Verified

T = I ÷ (PR) = $125 ...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q47: ​Compute the simple interest. If the time

Q48: Dennis Rogers and Betty Chin opened a

Q49: Janice Costa bought some power equipment priced

Q50: For a few years now, Karen Williamson

Q51: Compute the ordinary interest (360-day year) and

Q53: Red Winowski invested money for five years

Q54: Charles Clothing Company needs to borrow money

Q55: Compute (a) the ordinary interest, (b) the

Q56: Daniel White borrowed $5,000 for 80 days.

Q57: Kyle Winston borrowed $4,000 for 90 days.