   Chapter 10, Problem 19AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

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

# Calculate the missing information for the following loans. Round percents to the nearest tenth and days to the next higher day when necessary. 19. $2,500 280 Ordinary$295

To determine

To calculate: The rate of interest and maturity value where the principal invested is $2,500, the time period is 280 days and interest amount is$295. Round the figure to next higher figure if required.

Explanation

Given Information:

Principal invested is $2,500, the time period is 280 days and interest amount is$295.

Formula used:

The formula to compute the rate of interest is,

R=IPT

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

The formula to calculate Maturity value is,

MV=P+I

Where, MV is Maturity value, P is the Principal Amount, I is the amount of interest.

Calculation:

Consider that interest amount is $295, principal invested is$2,500, the time period is 280 days.

Substitute $280 for the amount of interest,$2,500 for principal and 280360 for time in the formula R=IPT to calculate the rate of interest

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