Compound interest

Joel borrowed $3208.5 on November 2, 2021, at 3.6% p.a. How many days would it take for him to repay the loan if he made a payment of $ 3,720.34?

Round up to the nearest day.

Correct answer:

d =  1528

Step-by-step explanation:

r=100%+3.6%=1+1003.6=1.036  a=3208.5 USD b=3720.34 USD  a ry = b  ry = b/a y ln r = ln b  ln a  y=lnrlnblna=ln1.036ln3720.34ln3208.54.185  d=365 y=365 4.185=1528

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