Chapter 10.II, Problem 21RE

### 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___________________________________________________________$3,600 14.3 ________$125

To determine

To calculate: The time period of loan using the ordinary interest method where principal invested is $3,600, rate of interest is 14.3% and interest amount is$125. Round the answer to next higher day if required.

Explanation

Given Information:

Principal invested is $3,600, rate of interest is 14.3% and interest amount is$125.

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.

Multiply T by 360 to compute the time period of loan in days.

Calculation:

Consider that interest amount is $125, principal invested is$3,600, rate of interest is 14.3%.

Simplify the rate of interest as,

14.3%=14.3100=0.143

As, T=IPR

Compute the time period by substituting $125 for amount of interest,$3,600 for principal and 0

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