   Chapter 10, Problem 7AT ### 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

# From the following information, determine the maturity date of each loan.April 16 August 1 ____________

To determine

To calculate: The number of days of loan where loan date is April 16 and due date is August 1.

Explanation

Given Information:

Loan date is April 16 and due date is August 1.

Formula used:

Steps for determining number of days of a loan are:

Step1. Calculate the number of days left in the month in which loan is taken by subtracting the loan date from the number of days in the month.

Step2. Determine the number of days for next succeeding months.

Step3. Calculate the number of days that are left in the last month till the due date.

Step4. Add all the days calculated.

Calculation:

Calculate the number of days that are left in the month when the loan was taken by subtracting the loan date from the number of days in the month,

Number of days left=Total days in that monthLoan Date

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