   Chapter 10.I, Problem 41RE ### 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 41. April 27 158

To determine

To calculate: The maturity date for a loan, if loan date is April 27 and time of loan is 158 days.

Explanation

Given Information:

The loan date is April 27 and time of loan is 158 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 April=Days in AprilLoan date April 27=30 days27 days=3 days

Step 2:

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

Days of the loan                      158 daysDays remaining in January      3 days_Difference                               155 days

Step 3:

Subtract succeeding whole months;

Difference                            155 daysDays remaining in May      31 days_Difference                            124 days

And,

Difference                                124 daysDays remaining in June

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