Paula Frye loaned $10,00 . to her son's new business at 5% ordinary simple interest (360-day year). At the end of the loan period, Paula received the $10,00 . plus $125 interest. Compute the length of the loan period. (To the nearest day.)
Indicate whether the statement is true or false
T = I ÷ (PR) = $125 ÷ ($10,00 . × 0.05) = 0.25 year; 0.25 × 360 = 90 days
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