t = 14.31 days
The formula for calculating the interest is given as:
[tex]I=PRT[/tex]where:
P is the principal
R is the rate
T is the time
Given the following parameters
P = $6800
I = $20
rate = 7.5% = 0.075
Substitute the given parameters into the formula
[tex]\begin{gathered} 20=6800(0.075)t \\ 20=510t \\ t=\frac{20}{510} \\ t=0.04years \end{gathered}[/tex]Convert to days
Since there are 365days in a year, hence;
[tex]\begin{gathered} t=0.04\times365 \\ t=14.31days \end{gathered}[/tex]Hence the time of the loan is about 14.31 days
