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Math
Advanced MathContemporary Mathematics for Business & Consumers8th Edition

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Chapter 10.I, Problem 42RE
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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
Problem 1TIE
Problem 2TIE
Problem 3TIE
Problem 4TIE
Problem 5TIE
Problem 6TIE
Problem 1RE
Problem 2RE
Problem 3RE
Problem 4RE
Problem 5RE
Problem 6RE
Problem 7RE
Problem 8RE
Problem 9RE
Problem 10RE
Problem 11RE
Problem 12RE
Problem 13RE
Problem 14RE
Problem 15RE
Problem 16RE
Problem 17RE
Problem 18RE
Problem 19RE
Problem 20RE
Problem 21RE
Problem 22RE
Problem 23RE
Problem 24RE
Problem 25RE
Problem 26RE
Problem 27RE
Problem 28RE
Problem 29RE
Problem 30RE
Problem 31RE
Problem 32RE
Problem 33RE
Problem 34RE
Problem 35RE
Problem 36RE
Problem 37RE
Problem 38RE
Problem 39RE
Problem 40RE
Problem 41RE
Problem 42RE
Problem 43RE
Problem 44RE
Problem 45RE
Problem 46RE
Problem 47RE
Problem 48RE
BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Solve the following word problems. Round to the nearest cent when necessary.

On April 12, Michelle Lizaro borrowed $5,000 from her credit union at 9 % for 80 days. The credit union uses the ordinary interest method.

a. What is the amount of interest on the loan?

b. What is the maturity value of the loan?

c. What is the maturity date of the loan?

(a)

To determine

To calculate: The amount of interest on the loan by ordinary interest method, if Michelle borrowed $5000 from credit union at the interest rate of 9% for 80 days on April 12.

Explanation

Given Information:

Michelle borrowed $5000 from credit union at the interest rate of 9% for 80 days on April 12.

Formula used:

The simple interest formula is,

Interest=Principle×Rate×Time

Or,

I=P×R×T

Where, I is interest, P is principal, R is rate of interest and T is the time in years.

To change the time in the year from the day, following formula used:

Time=Number of days of a loan360

Calculation:

Consider the provided information,

Michelle borrowed $5000 from credit union at the interest rate of 9% for 80 days on April 12

(b)

To determine

To calculate: The maturity value of the loan, if Michelle borrowed $5000 from credit union at the interest rate of 9% for 80 days on April 12.

(c)

To determine

To calculate: The maturity date of the loan, if Michelle borrowed $5000 from credit union at the interest rate of 9% for 80 days on April 12.

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Chapter 10.I,
Problem 41RE
Chapter 10.I,
Problem 43RE
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Sect-10.I P-1TIESect-10.I P-2TIESect-10.I P-3TIESect-10.I P-4TIESect-10.I P-5TIESect-10.I P-6TIESect-10.I P-1RESect-10.I P-2RESect-10.I P-3RESect-10.I P-4RE
Sect-10.I P-5RESect-10.I P-6RESect-10.I P-7RESect-10.I P-8RESect-10.I P-9RESect-10.I P-10RESect-10.I P-11RESect-10.I P-12RESect-10.I P-13RESect-10.I P-14RESect-10.I P-15RESect-10.I P-16RESect-10.I P-17RESect-10.I P-18RESect-10.I P-19RESect-10.I P-20RESect-10.I P-21RESect-10.I P-22RESect-10.I P-23RESect-10.I P-24RESect-10.I P-25RESect-10.I P-26RESect-10.I P-27RESect-10.I P-28RESect-10.I P-29RESect-10.I P-30RESect-10.I P-31RESect-10.I P-32RESect-10.I P-33RESect-10.I P-34RESect-10.I P-35RESect-10.I P-36RESect-10.I P-37RESect-10.I P-38RESect-10.I P-39RESect-10.I P-40RESect-10.I P-41RESect-10.I P-42RESect-10.I P-43RESect-10.I P-44RESect-10.I P-45RESect-10.I P-46RESect-10.I P-47RESect-10.II P-7TIESect-10.II P-8TIESect-10.II P-9TIESect-10.II P-10TIESect-10.II P-1RESect-10.II P-2RESect-10.II P-3RESect-10.II P-4RESect-10.II P-5RESect-10.II P-6RESect-10.II P-7RESect-10.II P-8RESect-10.II P-9RESect-10.II P-10RESect-10.II P-11RESect-10.II P-12RESect-10.II P-13RESect-10.II P-14RESect-10.II P-15RESect-10.II P-16RESect-10.II P-17RESect-10.II P-18RESect-10.II P-19RESect-10.II P-20RESect-10.II P-21RESect-10.II P-22RESect-10.II P-23RESect-10.II P-24RESect-10.II P-25RESect-10.II P-26RESect-10.II P-27RESect-10.II P-28RESect-10.II P-29RESect-10.II P-30RESect-10.II P-31RESect-10.II P-32RESect-10.II P-33RESect-10.II P-34RESect-10.II P-35RESect-10.II P-36RESect-10.II P-37RESect-10.III P-11TIESect-10.III P-12TIESect-10.III P-13TIESect-10.III P-14TIESect-10.III P-1RESect-10.III P-2RESect-10.III P-3RESect-10.III P-4RESect-10.III P-5RESect-10.III P-6RESect-10.III P-7RESect-10.III P-8RESect-10.III P-9RESect-10.III P-10RESect-10.III P-11RESect-10.III P-12RESect-10.III P-13RESect-10.III P-14RESect-10.III P-15RESect-10.III P-16RESect-10.III P-17RESect-10.III P-18RESect-10.III P-19RESect-10.III P-20RESect-10.III P-21RESect-10.III P-22RESect-10.III P-23RESect-10.III P-24RESect-10.III P-25RESect-10.III P-26RESect-10.III P-27RESect-10.III P-28RESect-10.III P-29RECh-10 P-1CRCh-10 P-2CRCh-10 P-3CRCh-10 P-4CRCh-10 P-5CRCh-10 P-6CRCh-10 P-7CRCh-10 P-8CRCh-10 P-9CRCh-10 P-10CRCh-10 P-11CRCh-10 P-12CRCh-10 P-13CRCh-10 P-14CRCh-10 P-1ATCh-10 P-2ATCh-10 P-3ATCh-10 P-4ATCh-10 P-5ATCh-10 P-6ATCh-10 P-7ATCh-10 P-8ATCh-10 P-9ATCh-10 P-10ATCh-10 P-11ATCh-10 P-12ATCh-10 P-13ATCh-10 P-14ATCh-10 P-15ATCh-10 P-16ATCh-10 P-17ATCh-10 P-18ATCh-10 P-19ATCh-10 P-20ATCh-10 P-21ATCh-10 P-22ATCh-10 P-23ATCh-10 P-24ATCh-10 P-25ATCh-10 P-26ATCh-10 P-27ATCh-10 P-28ATCh-10 P-29ATCh-10 P-30ATCh-10 P-31ATCh-10 P-32ATCh-10 P-33ATCh-10 P-34ATCh-10 P-35ATCh-10 P-36ATCh-10 P-37AT

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