What is the time period of a loan for $2,500, at 12% exact interest, if the amount of interest is $118.36? (Round to next higher day)
A) 186 days
B) 135 days
C) 145 days
D) 143 days

Question

Quizplus · Accepted Answer

The time period of a loan can be calculated using the formula: Time = (Interest * 365) / (Principal * Rate)Plugging in the given values, we get: Time = (118.36 * 365) / (2500 * 0.12) = 145 days.Therefore, the correct answer is C) 145 days.

What Is the Time Period of a Loan for $2,500