Answer: the loan was 146 days
Step-by-step explanation:
The formula for simple interest is expressed as
I = PRT/100
Where
P = principal or amount loaned
R = interest rate
T = time in years.
I = interest
From the information given,
P = $7500
R = 4.7%
The total interest she paid on the loan was $141. Therefore,
I = $141. Therefore,
141 = (7500×4.7×T)/100
141 = 352.5T
T = 141/352.5 = 0.4 years
Assuming 1 year = 365 days,
0.4 years will be 0.4×365 = 146 days
