In Financial mathamatics I am having problems determining how long the term of a loan is; the question is pasted below I have to determine how long the loan is for, how do I find this?
In order to plant Christmas trees in another field,Roy signed a note with a face value of $21,000 at a7% discount rate. Find the length of the loan in days given that the discount is $408.33. Use banker's interest of 360 days.
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