How many days would it take a construction loan of $548,048 to earn$50,000 exact interest at 9% interest rate?

Question

tkhunny · Answer

Please define "Exact Interest".

anonymous · Answer

Exact interest= Principle*Rate*Time/365
I just need help setting up the equation and then walk through it :)

tkhunny · Answer

You already have the equation.  Fill in the blanks.

Principle = 548048
Exact Interest = $50000
Rate = 9%

Substitute and demonstrate your best algebra.

anonymous · Answer

$50,000= $548,048*0.09*t
$50,000=$49,324.32t
1.01=t
Is that right?

anonymous · Answer

How do you find the number of days though?

anonymous · Answer

Here's the answers-
370 days
364 days
360 days
365 days

anonymous · Answer

I know I have no clue

tkhunny · Answer

Use your best algebra skills?