   Chapter 10.I, Problem 30RE ### 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 number of days of each loan. Loan Date Due Date Number of Days 30. June 27 October 15

To determine

To calculate: The number of days for a loan amount, if loan date is June 27 and due date is October 15.

Explanation

Given Information:

The loan date is June 27 and due date is October 15.

Formula used:

Steps for determining the number of days of a loan:

Step 1: First determine the number of days left in the first month.

Step 2: Find the number of days for each succeeding month.

Step 3: Now, find the number of days for the loan in the last month.

Step 4: Add the days from Steps 1, 2, and 3.

Calculation:

The number of days from June 27 to October 15 would be computed as;

Step 1:

Days remaining in the first month;

June    30June 27_           03

Step 2:

Days in succeeding whole months;</

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