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Lucky Champ owes $191.25 interest on a 6% loan he took out on his March...

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Accounting

Lucky Champ owes $191.25 interest on a 6% loan he took out on his March 17 birthday to upgrade an oven in his Irish restaurant, Luckys Pub and Grub. The loan is due on August 17. What is the principal (assume ordinary interest)?
Interest on note: $191.25
Interest rate: 6%
Note dated: 3/17/2024
Note due date: 8/17/2024
Days in year (ordinary interest): 360
Required:
1. What is the term of the loan (in days)?
2. What is the principal on the note?

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