Oliver Douglas opened a repair shop for computer printers. Most of his loans were long term, but he got a short term loan of $2,645 for office supplies at a rate of 8.25% exact simple interest (365-day year). On the due date, Oliver repaid a total of $2,680.87 . What was the length of the loan period? (To the nearest day.)
Indicate whether the statement is true or false
T = I ÷ (PR); I = $2,680.87 - $2,645 = $35.87
T = $35.87 ÷ ($2,645 × 0.0825) = 0.1644 year; 0.1644 × 365 = 60.006, or 60 days
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