Chapter 10.II, Problem 20RE

### 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

# Use the ordinary interest method to compute the time for the following loans. Round answers to the next higher day when necessary.Principal Rate (%) Time Interest___________________________________________________________$41,000 6.4 _________$3,936

To determine

To calculate: The time period of loan where principal invested is $41,000, rate of interest is 6.4% and interest amount is$3,936.

Explanation

Given Information:

Principal invested is $41,000, rate of interest is 6.4% and interest amount is$3,936.

Formula used:

The formula to compute the time period of loan is,

T=IPR

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 $3,936, principal invested is$41,000, rate of interest is 6.4%.

Simplify the rate of interest as,

6.4%=6.4100=0

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