Chapter 10.II, Problem 13RE

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___________________________________________________________$36,700 _____ 190 days$2,000

To determine

To calculate: The rate of interest where principal invested is $36,700, time period is 190 days and interest amount is$2,000 by using ordinary interest for the number of days. Round the answer to nearest tenth of a percent.

Explanation

Given Information:

Principal invested is $36,700, time period is 190 days and interest amount is$2,000.

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 $2,000, principal invested is$36,700, time period is 190 days

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