Chapter 10, Problem 8AT

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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.

October 20 December 18 __________

To determine

**To calculate:** The number of days of loan where loan date is

Explanation

**Given Information:**

Loan date is

**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:

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