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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
38. July 21 200

To determine

To calculate: The maturity date for a loan, if loan date is July 21 and time of loan is 200 days.

Explanation

Given Information:

The loan date is July 21 and time of loan is 200 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 July=Days in JulyLoan date July 21=31 days21 days=10 days

Step 2:

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

Days of the loan                    200 daysDays remaining in July        10 days_Difference                            190 days      

Step 3:

Subtract succeeding whole months;

Difference                                   190 daysDays remaining in August         31 days_Difference                                   159 days      

And,

Difference                                      159 daysDays remaining in September      30 days_Difference                                      129 days      <

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