292 days
Solution:
Step 1: Given data:
Principal = $2500
Annual rate = 9.3%
Simple interest paid = $186
Step 2: To find the number of year for the loan paid.
Simple interest = [tex]\frac{Principal\times rate\times year}{100}[/tex]
[tex]186=\frac{2500\times9.3\times years}{100}[/tex]
Do cross multiplication.
⇒ 186 × 100 = 2500 × 9.3 × years
⇒ [tex]\frac{186\times100}{2500\times9.3}=years[/tex]
⇒ [tex]years=\frac{4}{5}[/tex]
Step 3: To find how long the loan was paid in days:
1 year = 365 days
Multiply years by 365
⇒ [tex]days=\frac{4}{5}\times365[/tex]
⇒ days = 292
Hence, the loan was paid in 292 days.
