Chapter 10, Problem 7AT

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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

Explanation

**Given Information:**

Loan date is April

**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,

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