Contemporary Mathematics for Busin...
Solutions
Contemporary Mathematics for Busin...
From the following information, determine the maturity date of each loan.
| Loan Date | Time of Loan (days) | Maturity Date | |||||
| 40. | January 13 | 87 | |||||
To calculate: The maturity date for a loan, if loan date is January 13 and time of loan is 87 days.
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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