Question

Bob took out a loan for $4000 and was charged simple interest at an annual rate of 7.5% .The total interest he paid on the loan was $180 .How long was the loan for, in days?Assume that there are 365 days in a year, and do not round any intermediate computations.If necessary, refer to the list of financial formulas .

Name: bob took out a loan for 4000 and was charged simple interest at an annual rate of 75 the total interest he paid on the loan was 180 how long was the loan for in daysassume that there are 365 11185
Uploaded: 2022-12-12T04:06:04-08:00
Duration: 1 min
Channel: Nick Johnson
Description: bob took out a loan for 4000 and was charged simple interest at an annual rate of 75 the total interest he paid on the loan was 180 how long was the loan for in daysassume that there are 365 11185

          Bob took out a loan for 
$4000
 and was charged simple interest at an annual rate of 
7.5%
.The total interest he paid on the loan was 
$180
.How long was the loan for, in days?Assume that there are 
365
 days in a year, and do not round any intermediate computations.If necessary, refer to the 
list of financial formulas
.

Added by Jose Ignacio L.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Nick Johnson

12/12/2022

Step 1

5% = 0.075 (as a decimal) - Total interest paid ($ I $) = $180 Show more…

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Bob took out a loan for $4000 and was charged simple interest at an annual rate of 7.5% .The total interest he paid on the loan was $180 .How long was the loan for, in days?Assume that there are 365 days in a year, and do not round any intermediate computations.If necessary, refer to the list of financial formulas .