   Chapter 10, Problem 8AT ### 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.October 20 December 18 __________

To determine

To calculate: The number of days of loan where loan date is 20 October and due date is 18 December.

Explanation

Given Information:

Loan date is 20 October and due date is 18 December.

Formula used:

Steps for determining number of days of a loan are:

Step1. Calculate the number of days that are left in the month 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 which is 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 as:

Number of days left=Total days in that monthLoan

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