Nolan walker decided to buy a used snowmobile since his credit union was offering such low interest rates. he borrowed $4,400 at 4.75% on december 26, 2019, and paid it off february 21, 2021. how much did he pay in interest? (assume ordinary interest and no leap year) (use days in a year table) (do not found intermediate calculations. round your answer to the nearest cent.) 56 interest paid 5 24600 references

9514 1404 393

  $240.93

Step-by-step explanation:

We don't have your "Days in a Year Table," so we will go by the definition of "ordinary interest." That term refers to a year of 12 months of 30 days each.

Here, the term of the loan is 1 year plus two months, less 5 days. That is, the interest period in years is 1 +(2×30 -5)/360 = 83/72 years.

So, the interest on the loan was ...

  I = Prt = $4400×0.0475×83/72 = $240.93

i got 142 as my answer

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