Chapter 10.II, Problem 24RE

### 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_____________________________________________________________________________$3,800 ____ 165 Exact$220 __________

To determine

To calculate: The rate of interest and maturity value, where principal invested is $3,800, time period is 165 days and interest amount is$220. Round the percents to nearest tenth and days to next higher day if required.

Explanation

Given Information:

Principal invested is $3,800, time period is 165 days and amount of interest is$220.

Formula used:

Compute the time using the exact interest method,

Time=Number of days of a loan365

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.

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 $220, principal invested is$3,800, time period is 165 days.

Evaluate the time using the exact interest method,

Time=Number of days of a loan365=165365

As, R=IPT

Comput

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