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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

The U.S. rule states that when a partial payment is made on a loan, the payment is first used to pay off the accumulated ________ to date and the balance is used to reduce the _________. (10-9)

To determine

To fill: The blanks given in the statement “The U.S. rule states that when a partial payment is made on a loan, the payment is first used to pay off the accumulated to date and the balance is used to reduce the___________.”

Explanation

Interest refers to the amount paid by the borrower of the funds to the lender. Interest is paid by the borrower regularly over the period of time above the principal repayment. In this, a person uses another person’s money in its business and pay interest on the same amount.

The formula to compute the interest is Interest=Principal×Rate×Time.

Consider an example:

The principal amount of loan is $5,000, the rate of interest is 8% and the time period is 2 years.

Compute the interest by substituting $5,000 for principal, 0.08 for the rate of interest and 2 for time in the formula Interest=Principal×Rate×Time.

Interest=Principal×Rate×Time=5,000×0.08×2=$800

Hence, the amount of interest is $800.

Principal refers to the amount that is borrowed by the borrower.

Consider an example:

The rate of interest is 12%, the time period is 2 years and interest amount is $300

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