Chapter 10.I, Problem 31RE

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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 | |||

31. | January 23 | November 8 |

To determine

**To calculate:** The number of days for a loan amount, if loan date is January 23 and due date is November 8.

Explanation

**Given Information:**

The loan date is January 23 and due date is November 8.

**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 January 23 to November 8 would be computed as;

Step 1:

Days remaining in the first month;

Step 2:

Days in succeeding whole months;

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