## Larry sold twice as many magazines as Jan. Henry sold 8 more magazines than Jan. Larry and Henry sold the same amount of magazines. How many magazines did Jan sell?

October 14, 2019// Blog//

**Answer:**

The amount of interest on the loan was of $214.57.

**Step-by-step explanation:**

Slingerland borrowed $8,000 at an 11% interest rate, thus having to pay $880 after a year.

As the loan was due on October 17, and the difference between July 20 and October 17 is of 89 days, using the exact interest method we can affirm that:

880 / 365 x 89 = X

2.41 x 89 = X

$214.57 = X

The amount of interest on the loan was of $214.57.