Math

Advanced MathContemporary Mathematics for Business & ConsumersUse the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loans. Principal Rate (%) Time (days) Exact Interest Ordinary Interest __________________________________________________________________________ $45,000 13 100 $1,602.74 $1,625.00 __________ _________BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 10.I, Problem 7RE

Textbook Problem

Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loans.

Principal Rate (%) Time (days) Exact Interest Ordinary Interest

__________________________________________________________________________

$45,000 13 100 $1,602.74 $1,625.00

__________ _________

Contemporary Mathematics for Business & Consumers

Show all chapter solutions

Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Joe Hale goes to a credit union and borrows...Ch. 10.I - Karen Mitroff goes to the bank and borrows $15,000...Ch. 10.I - a. What is the amount of interest and the maturity...Ch. 10.I - a. A loan was made on April 4 and had a due date...Ch. 10.I - a. What is the maturity date of a loan taken out...Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Principal Rate (%) Time Interest...

Ch. 10.I - Principal Rate (%) Time Interest...Ch. 10.I - Principal Rate (%) Time Interest...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Use the exact interest method (365 days) and the...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the amount of interest and the maturity value...Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - Find the maturity value of the following loans....Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - From the following information, determine the...Ch. 10.I - Solve the following word problems. Round to the...Ch. 10.I - 43. What is the maturity value of a $60,000 loan...Ch. 10.I - 44. Central Auto Parts borrowed $350,000 at ...Ch. 10.I - 45. Emil Benson missed an income tax payment of...Ch. 10.I - 46. At the City National Credit Union, a , $8,000...Ch. 10.I - 47. Kyle Rohrs borrowed $1,080 on June 16 at ...Ch. 10.II - Telex Electronics borrowed money at 9% interest...Ch. 10.II - Using the ordinary interest method, what is the...Ch. 10.II - What is the time period of a loan for $15,000 at...Ch. 10.II - Rita Peterson borrowed $15,000 at 12% ordinary...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Compute the principal for the following loans. Use...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Use the ordinary interest method to compute the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Calculate the missing information for the...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - Solve the following word problems. Round answers...Ch. 10.II - The Actors Playhouse theater borrowed $100,000 at...Ch. 10.II - 34. Steve Perry borrowed $10,000 at ordinary...Ch. 10.II - Pamela Boyd borrowed $20,000 at 6.5% ordinary...Ch. 10.II - 36. The Mutt Hut Pet Shop borrowed $60,000 on...Ch. 10.II - a. How many years will it take $5,000 invested at...Ch. 10.III - Erin Lang signed a $20,000 simple discount...Ch. 10.III - What is the effective interest rate of a simple...Ch. 10.III - Legacy Lumber received a $35,000 promissory note...Ch. 10.III - Bob Schuller purchased $10,000 in U.S. Treasury...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Calculate the bank discount and proceeds for the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - Using ordinary interest, 360 days, calculate the...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - The following interest-bearing promissory notes...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Calculate the interest, purchase price, and...Ch. 10.III - Use the ordinary interest method, 360 days, to...Ch. 10.III - Boz Foster signed a $10.000 simple discount...Ch. 10.III - 28. Pinnacle Manufacturing received a $40,000...Ch. 10.III - Christy Thomas purchased $150,000 in U.S. Treasury...Ch. 10 - 1. The price or rental fee charged by a lender to...Ch. 10 - List the three factors that determine the amount...Ch. 10 - Interest calculated solely on the principal amount...Ch. 10 - The interest calculation method that uses 365 days...Ch. 10 - 5. The interest calculation method that uses 360...Ch. 10 - Maturity value is the total payback of principal...Ch. 10 - The first day of a loan is known as the ________...Ch. 10 - Write the formula for calculating simple interest....Ch. 10 - When solving the simple interest formula for...Ch. 10 - 10. The U.S. rule states that when a partial...Ch. 10 - The amount of money that the borrower receives at...Ch. 10 - 12. The actual interest rate charged on a...Ch. 10 - When a note is discounted before maturity, the...Ch. 10 - Discounted short-term loans made to the U.S....Ch. 10 - Using the exact interest method (365 days), find...Ch. 10 - Using the ordinary interest method (360 days),...Ch. 10 - Using the ordinary interest method (360 days),...Ch. 10 - Using the ordinary interest method (360 days),...Ch. 10 - What is the maturity value of the following loans?...Ch. 10 - What is the maturity value of the following loans?...Ch. 10 - From the following information, determine the...Ch. 10 - From the following information, determine the...Ch. 10 - From the following information, determine the...Ch. 10 - From the following information, determine the...Ch. 10 - Compute the principal for the following loans....Ch. 10 - Compute the rate for the following loans. Round...Ch. 10 - Compute the rate for the following loans. Round...Ch. 10 - Compute the rate for the following loans. Round...Ch. 10 - Use the ordinary interest method to compute the...Ch. 10 - Use the ordinary interest method to compute the...Ch. 10 - Calculate the missing information for the...Ch. 10 - Calculate the missing information for the...Ch. 10 - Calculate the missing information for the...Ch. 10 - Using ordinary interest, calculate the missing...Ch. 10 - Using ordinary interest, calculate the missing...Ch. 10 - Using ordinary interest (360 days), calculate the...Ch. 10 - Using ordinary interest (360 days), calculate the...Ch. 10 - The following interest-bearing promissory notes...Ch. 10 - The following interest-bearing promissory notes...Ch. 10 - Calculate the interest, purchase price, and...Ch. 10 - Calculate the interest, purchase price, and...Ch. 10 - Solve the following word problems. Round to the...Ch. 10 - 29. Ronald Brown missed an income tax payment of...Ch. 10 - 30. Katie Chalmers borrowed money from her credit...Ch. 10 - 31. Ryan Roberts took out a loan for $5.880 at the...Ch. 10 - 32. Alicia Eastman deposited $2,000 in a savings...Ch. 10 - 33. Laurie Carron borrowed $16,000 at 14% ordinary...Ch. 10 - 34. Euromart Tile Company borrowed $40,000 on...Ch. 10 - Brandi Lee signed a $30,000 simple discount...Ch. 10 - Varsity Press, a publisher of college textbooks,...Ch. 10 - 37. Fernando Rodriguez purchased $64,000 in U.S....

Find more solutions based on key concepts

Show solutions Maxima and Minima Use the formulas of this section to give an alternative solution to the indicated problem in ...

Precalculus: Mathematics for Calculus (Standalone Book)

Concept Quiz 2.1 For Problems 1-10, answer true or false. If the solution set is the null set, then the equatio...

Intermediate Algebra

Childhood participation in sports, cultural groups, and youth groups appears to be related to improved self-est...

Statistics for The Behavioral Sciences (MindTap Course List)

A table of values of an increasing function f is shown. Use the table to find lower and upper estimates for 103...

Single Variable Calculus: Early Transcendentals, Volume I

Show that the curve r = 2 csc (also a conchoid) has the line y = 1 as a horizontal asymptote by showing that ...

Multivariable Calculus

Use Greens Theorem to evaluate C F dr. (Check the orientation of the curve before applying the theorem.) 11. F...

Calculus: Early Transcendentals

Finding Parallel and Perpendicular Lines In Exercises 65 and 66, find an equation of the line passing through t...

Calculus: An Applied Approach (MindTap Course List)

Convert the expressions in Exercises 8596 radical form. 22/3

Applied Calculus

Construct a difference table to predict the next term of each sequence. 0,10,24,56,112,190,...

Mathematical Excursions (MindTap Course List)

Critical Region Method: Testing 12;1,2Known Redo Problem 11(a) using the critical region method, and compare yo...

Understanding Basic Statistics

39. Sales and advertising The number of daily sales of a product was found to be given by
x days after the sta...

Mathematical Applications for the Management, Life, and Social Sciences

Learning Theory In Exercises 57 and 58, assume that the rate of change in the proportion P of correct responses...

Calculus: Early Transcendental Functions

Differentiate the function. H(u)=(3u1)(u+2)

Calculus (MindTap Course List)

Calculate each expression in Exercises 124, giving the answer as a whole number or a fraction in lowest terms. ...

Finite Mathematics and Applied Calculus (MindTap Course List)

In Exercises 39-50, sketch the graph of the function with the given rule. Find the domain and range of function...

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Solve each pair of linear equations by addition. If there is one common solution, give the ordered pair of the ...

Elementary Technical Mathematics

The article Determination of Most Representative Subdivision" (J. of Energy Engr.. 1993: 43-55) gave data on va...

Probability and Statistics for Engineering and the Sciences

A random sample of 100 patients treated in a program for alcoholism and drug dependency over the past 10 years ...

Essentials Of Statistics

In ABC, the altitudes are concurrent at point D. If mEDA=54 and mFDB=59, find mACB. Exercises 39, 40

Elementary Geometry For College Students, 7e

Use the definition of continuity and the properties of limits to show that the function is continuous at the gi...

Single Variable Calculus

Explain how the power of a hypothesis test is influenced by each of the following. Assume that all other factor...

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

Acceleration In Exercises 49 and 50, find the acceleration of the specified object. (Hint; Recall that if a var...

Calculus: Early Transcendental Functions (MindTap Course List)

Conditions of the Integral Test In Exercises 25-28, explain why the Integral Test does not apply to the series....

Calculus of a Single Variable

For each of the following pairs, write andin standard form and use these factorizations to find and

Elements Of Modern Algebra

Let .f (x) = x2. (a) Estimate the values of f'(0), f(12), f'(l) , and f'(2) by using a graphing device to zoom ...

Single Variable Calculus: Early Transcendentals

Use your graphing calculator to determine if each to an identity by graphing the left expression and right expr...

Trigonometry (MindTap Course List)

True or False:
converges absolutely.

Study Guide for Stewart's Multivariable Calculus, 8th

In Exercise 1120, construct the dual problem associated with the primal problem. Solve the primal problem. Mini...

Finite Mathematics for the Managerial, Life, and Social Sciences

In the graph at the right, limx1f(x)=. a) 2 b) 1 c) 3 d) does not exist

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

In Exercises 1 to 8, find the perimeter of each polygon. ABCD with ABBC d1=4md2=10m

Elementary Geometry for College Students

A researcher claims that intelligence can be measured by measuring the length of a persons right-hand ring fing...

Research Methods for the Behavioral Sciences (MindTap Course List)

Practice Solve each problem. Mowing lawns Kristy can mow a lawn in 1 hour less time than her brother Steven. To...

College Algebra (MindTap Course List)

The general fund budget for the state of Kentucky for 1988 (Period 1) to 2011 (Period 24) follows (Northern Ken...

Statistics for Business & Economics, Revised (MindTap Course List)

Finding Relative Extrema and Saddle PointsIn Exercises 3538, (a) find the critical points, (b) test for relativ...

Multivariable Calculus

The paper Predicting Yolk Height, Yolk Width, Albumen Length, Eggshell Weight, Egg Shape Index, Eggshell Thickn...

Introduction To Statistics And Data Analysis

Finding Minimum Distance In Exercises 19-28, use Lagrange multipliers to find the minimum distance from the cur...

Calculus (MindTap Course List)

Describe tenacity and intuition as methods of knowing or acquiring knowledge. Identify an example and explain t...

Research Methods for the Behavioral Sciences (MindTap Course List)

The following data show the annual revenue ( millions) and the estimated team value ( millions) for the 30 Majo...

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Express each of the following improper fractions as mixed numbers. a. 52 b. 215 c. 754 d. 11532 e. 32964

Mathematics For Machine Technology

Exercises 97-101 can be done as homework problems or in-class activities Stand a penny upright on its edge on a...

Mathematics: A Practical Odyssey

In 31â€”39, write a regular expression to define the given set of strings. Use the shorthand notations given in t...

Discrete Mathematics With Applications

Reminder Round all answers to two decimal places unless otherwise indicated. Logistic Growth with a ThresholdMo...

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

In Problems 7â€“10 use (13) and the known value to evaluate the given quantity.
7.

A First Course in Differential Equations with Modeling Applications (MindTap Course List)

Consider the following hypothesis test: H0:12=0Ha:120 The following results are from independent samples taken ...

Essentials Of Statistics For Business & Economics

36. The rankings of a sample of professional golfers in both driving distance and putting are shown. What is th...

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

Use (he following information to answer the next four exercises. A box Is filled with several party favors. It ...

Introductory Statistics

In the following exercises, consider the graph of the function y=f(x) shown here. Which of the statements about...

Calculus Volume 1