Chapter 10.I, Problem 40RE

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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;

Step 2:

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

Step 3

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