Paula frye loaned $10,000 to her son's new business at 5% ordinary simple interest 360 day a year. at the end if the loan period, paula received$10,000 plus $125 interest. compute the length of the loan period to the nearest day

Use the formula:  I = P x R x T

                             I = $125

                             R = 5%

                            P = $10,000

                            T = T/ days

                             I = P x R x T

                       125 = $10,000 X 5% X (T/365)

                        125 = $10,000 X 0.05 X (T/365)

                       125  = $500 X (T/365)

                       125  = $500T/365

                     Cross multiply

                   $500T =  125 x 365

                   $500T = 45625

         $500T/$500 = 45625/$500

                             T = 91.5 days

                             T = 91 days  

That is the length of the loan period to the nearest day is 91 days

Step-by-step explanation:

The simple interest I , on a principal P, Invested for T years, at R interest rate is given by the formula. I = P x R x T.

All the letters are given except T which represents the time. what we need do is to plug the given numbers into the formula and find the unknown T.

it is very important to note that T is expressed in years or fraction of a year

3

step-by-step explanation:

10

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