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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Chapter
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BuyFindarrow_forward

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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Chapter 10 Solutions

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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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