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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

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.

Loan Date Time of Loan (days) Maturity Date
36. February 5 110

To determine

To calculate: The maturity date for a loan, if loan date is February 5 and time of loan is 110 days.

Explanation

Given Information:

The loan date is February 5 and time of loan is 110 days.

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: Subtract the remaining days obtained in step 1 (in the first month) from the number of days of the loan.

Step 3: Continue subtracting days in each succeeding whole month until the stage is reached when the month with a difference less than the total days in that month. Now, the maturity date will be the day that corresponds to the difference.

Calculation:

Step 1:

The remaining days in the first month;

Days remaining in February=Days in FebruaryLoan date February 5=28 days5 days=23 days

Step 2:

Subtract remaining days in first month from the days of a loan;

Days of the loan                     110 daysDays remaining in February 23 days_Difference                              87 days      

Step 3:

Subtract succeeding whole months;</

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