Wendy Ellison needed to borrow $2,500 to pay her son's school tuition. She borrowed the money from her credit union at 8% ordinary simple interest (360-day year) and, repaid a total of $2,600 at the end of the loan period. Compute the length of the loan period. (To the nearest day.)
I = $2,600 - $2,500 = $100 . T = I ÷ (PR) = $100 ÷ ($2,500 × 0.08) = 0.5 year; 0.5 × 360 = 180 days
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