   Chapter 10.I, Problem 5TIE ### 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

# a. A loan was made on April 4 and had a due date of July 18. What was the number of days of the loan?b. Ryan McPherson borrowed $3,500 on June 15 at 11 % interest. If the loan was due on October 9, what was the amount of interest on Ryan's loan using the exact interest method? (a) To determine To calculate: The number of days of the loan that was made on April 4 and due date of July 18 Explanation Given information: A loan was made on April 4 and due date of July 18. Formula used: The information is given as that the loan was made on April 4 and had a due date of July 18. The following procedure are used for calculation: STEP-1 Determine the number of days remaining in the first month by subtracting the loan date from the number of days in that month. STEP-2. List the number of days for each succeeding whole month. STEP-3 List the number of loan days in the last month. STEP-4. Add the days from Steps 1, 2, and 3. Calculation: The number of days remaining in first month April 3004=26. The day remain in April from days of loan 125 days21 days=104 days The number of days in May month 31 The number of days in June month 30 (b) To determine To calculate: The maturity date of a loan taken on June 15 and due date of October 9 and the maturity value for Principle amount$3500 at interest rate 11%.

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