Chapter 10.II, Problem 11RE

### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Chapter
Section

### Contemporary Mathematics for Busin...

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

# Compute the principal for the following loans. Use ordinary interest when time is stated in days.Principal Rate (%) Time Interest___________________________________________________________$54,000 ______ 72 days$732

To determine

To calculate: The rate of interest where principal invested is $54,000, time period is 72 days and interest amount is$732 by using ordinary interest for the number of days. Round the answer to nearest tenth of a percent.

Explanation

Given Information:

Principal invested is $54,000, time period is 72 days and amount of interest is$732.

Formula used:

Compute the time using the ordinary interest method,

Time=Number of days of a loan360

The formula to compute the rate of interest is,

R=IPT

Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time period.

Calculation:

Consider that interest amount is $732, principal invested is$54,000, time period is 72 days

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