Chapter 10, Problem 15AT

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

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

# Use the ordinary interest method to compute the time for the following loans. Round answers to the next higher day when necessary.$13,500 6 ____$350

To determine

To calculate: The time period of loan (in days) where principal invested is $13,500, ordinary rate of interest is 6% and interest amount is$350. Round the figure to next higher day if required.

Explanation

Given Information:

Principal invested is $13,500, rate of interest is 6% and interest amount is$350.

Formula used:

The formula to compute the time period of loan (in days) is,

T=IPR

Where, P is the principal amount, I is the amount of interest, R is the rate of interest, T is the time period.

Multiply T by 360 to convert years into days.

Calculation:

Consider that interest amount is $350, principal invested is$13,500, rate of interest is 6%.

Simplify the rate of interest as,

6%=6100=0

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