Jonboot9959 Jonboot9959
  • 02-04-2018
  • Mathematics
contestada

A note with a face value 4300 was discounted at 3%. if discount was 21 dollars. find the length of loan in days

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Mindaka
Mindaka Mindaka
  • 11-04-2018
The annual discount is 3%, therefore the total discount for 1 year would be:

4300 × 3 ÷ 100 = 129$

Now, you can set a proportion:

discount : annual discount = loan days : days in one year
21 : 129 = x : 360
 
x = 21 × 360 / 129 = 58.6 days

Hence, the loan duration was 60 days.
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