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How many days would it take a $4,500 move-in loan to earn $1,000 ordinary interest at 8% interest rate?

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  1. 6 June, 19:12
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    This can be solve using the formula:

    F = p (1 + in)

    Where F is the future woth

    P is the principal amount

    i is the interest rate

    n is the number of years

    4500 + 1000 = 4500 (1 + 0.08n)

    Solve for n

    N = 2.8 years

    Assume there are 365 days a year

    2.8 years (365 days / year) = 1014 days
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