   Chapter 10.I, Problem 40RE ### 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 maturity date of each loan. Loan Date Time of Loan (days) Maturity Date 40. January 13 87

To determine

To calculate: The maturity date for a loan, if loan date is January 13 and time of loan is 87 days.

Explanation

Given Information:

The loan date is January 13 and time of loan is 87 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 January=Days in JanuaryLoan date January 13=31 days13 days=18 days

Step 2:

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

Days of the loan                          87 daysDays remaining in January      18 days_Difference                                   69 days

Step 3

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