Question

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

Answer 1

Please define "Exact Interest".

Answer 2

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

Answer 3

You already have the equation. Fill in the blanks.

Principle = 548048
Exact Interest = $50000
Rate = 9%

Substitute and demonstrate your best algebra.

Answer 4

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

Answer 5

How do you find the number of days though?

Answer 6

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

Answer 7

I know I have no clue

Answer 8

Use your best algebra skills?