Chapter 10.II, Problem 24RE

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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

_____________________________________________________________________________

$3,800 ____ 165 Exact $220 __________

To determine

**To calculate:** The rate of interest and maturity value, where principal invested is

Explanation

**Given Information:**

Principal invested is

**Formula used:**

Compute the time using the exact interest method,

The formula to compute the rate of interest is,

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

The formula to calculate Maturity value is,

Where, *MV* is Maturity value, *P* is Principal Amount and *I* is the amount of interest.

**Calculation:**

Consider that interest amount is

Evaluate the time using the exact interest method,

As,

Comput

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