Question #251518

Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $51,00 at 4.25% on December 26, 2019, and paid if off February 21, 2021. How much did he pay in interest? Using ordinary interest and no leap year


1
Expert's answer
2021-10-15T11:48:06-0400

Total number of days during loan period == (6 days in 2019) ++ (365 days in 2020) ++ (31 days ++ 21 days in 2021)

== 422 days

Ordinary interest== $5100×× 4.25100\frac{4.25}{100} ×× 422365\frac{422}{365} == $ 250.60


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