Answer to Question #292987 in Financial Math for Elle

Question

Joan lent 47331 € to Thomas and charged 468.4 € interest for the loan. The interest rate was 1.85 % (p.a.). How long was the loan period in calendar days?

Answer 1

Sum lent by Joan = 47331 €, Interest = 468.4 € , rate of interest = 1.85 % (p.a.)

Simple interest = (Sum lent * rate of interest * time)/100

$468.4 = \frac{47331\times1.85\times T}{100}\\ T= 0.53\ \text{year}=0.53\times365=193.45\sim195\ days$