Chapter 10.II, Problem 22RE

### 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

# Calculate the missing information for the following loans. Round percents to the nearest tenth and days to the next higher day when necessary.Principal Rate (%) Time (days) Interest Method Interest Maturity Value____________________________________________________________________________$16,000 13 ____ Ordinary$760 _______

To determine

To calculate: The time period of loan in days and maturity value, where principal invested is $16,000, rate of interest is 13% and interest amount is$760. Round the percents to nearest tenth and days to next higher day if required.

Explanation

Given Information:

Principal invested is $16,000, rate of interest is 13% and interest amount is$760.

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.

The formula to calculate Maturity value is,

MV=P+I

Where, MV is maturity value, P is principal amount and I is the amount of interest.

Calculation:

Consider that interest amount is $760, principal invested is$16,000, rate of interest is 13%.

As, T=IPR

Compute the time period by substituting $760 for amount of interest,$16,000 for principal and 0.13 for rate of interest in the formula T=IPR:

T=IPR=76016,000×0

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