Chapter 10.II, Problem 34RE

BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

Steve Perry borrowed $10,000 at

To determine

**To calculate:** The maturity value of loan taken by Steve Perry where loan amount is

Explanation

**Given Information:**

Principal amount of loan is

**Formula used:**

The formula to compute simple interest is,

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

The formula to calculate Maturity value is,

Where, *MV* is Maturity value, *P* is Principal Amount, *R* is the rate of interest, and *T* is the time duration.

**Calculation:**

Consider that principal amount is

Simplify the rate of interest as,

Compute the time using ordinary interest method as,

Substitute

Hence, rate of interest is

Out of the repayment of

Sect-10.I P-1TIESect-10.I P-2TIESect-10.I P-3TIESect-10.I P-4TIESect-10.I P-5TIESect-10.I P-6TIESect-10.I P-1RESect-10.I P-2RESect-10.I P-3RESect-10.I P-4RE

Sect-10.I P-5RESect-10.I P-6RESect-10.I P-7RESect-10.I P-8RESect-10.I P-9RESect-10.I P-10RESect-10.I P-11RESect-10.I P-12RESect-10.I P-13RESect-10.I P-14RESect-10.I P-15RESect-10.I P-16RESect-10.I P-17RESect-10.I P-18RESect-10.I P-19RESect-10.I P-20RESect-10.I P-21RESect-10.I P-22RESect-10.I P-23RESect-10.I P-24RESect-10.I P-25RESect-10.I P-26RESect-10.I P-27RESect-10.I P-28RESect-10.I P-29RESect-10.I P-30RESect-10.I P-31RESect-10.I P-32RESect-10.I P-33RESect-10.I P-34RESect-10.I P-35RESect-10.I P-36RESect-10.I P-37RESect-10.I P-38RESect-10.I P-39RESect-10.I P-40RESect-10.I P-41RESect-10.I P-42RESect-10.I P-43RESect-10.I P-44RESect-10.I P-45RESect-10.I P-46RESect-10.I P-47RESect-10.II P-7TIESect-10.II P-8TIESect-10.II P-9TIESect-10.II P-10TIESect-10.II P-1RESect-10.II P-2RESect-10.II P-3RESect-10.II P-4RESect-10.II P-5RESect-10.II P-6RESect-10.II P-7RESect-10.II P-8RESect-10.II P-9RESect-10.II P-10RESect-10.II P-11RESect-10.II P-12RESect-10.II P-13RESect-10.II P-14RESect-10.II P-15RESect-10.II P-16RESect-10.II P-17RESect-10.II P-18RESect-10.II P-19RESect-10.II P-20RESect-10.II P-21RESect-10.II P-22RESect-10.II P-23RESect-10.II P-24RESect-10.II P-25RESect-10.II P-26RESect-10.II P-27RESect-10.II P-28RESect-10.II P-29RESect-10.II P-30RESect-10.II P-31RESect-10.II P-32RESect-10.II P-33RESect-10.II P-34RESect-10.II P-35RESect-10.II P-36RESect-10.II P-37RESect-10.III P-11TIESect-10.III P-12TIESect-10.III P-13TIESect-10.III P-14TIESect-10.III P-1RESect-10.III P-2RESect-10.III P-3RESect-10.III P-4RESect-10.III P-5RESect-10.III P-6RESect-10.III P-7RESect-10.III P-8RESect-10.III P-9RESect-10.III P-10RESect-10.III P-11RESect-10.III P-12RESect-10.III P-13RESect-10.III P-14RESect-10.III P-15RESect-10.III P-16RESect-10.III P-17RESect-10.III P-18RESect-10.III P-19RESect-10.III P-20RESect-10.III P-21RESect-10.III P-22RESect-10.III P-23RESect-10.III P-24RESect-10.III P-25RESect-10.III P-26RESect-10.III P-27RESect-10.III P-28RESect-10.III P-29RECh-10 P-1CRCh-10 P-2CRCh-10 P-3CRCh-10 P-4CRCh-10 P-5CRCh-10 P-6CRCh-10 P-7CRCh-10 P-8CRCh-10 P-9CRCh-10 P-10CRCh-10 P-11CRCh-10 P-12CRCh-10 P-13CRCh-10 P-14CRCh-10 P-1ATCh-10 P-2ATCh-10 P-3ATCh-10 P-4ATCh-10 P-5ATCh-10 P-6ATCh-10 P-7ATCh-10 P-8ATCh-10 P-9ATCh-10 P-10ATCh-10 P-11ATCh-10 P-12ATCh-10 P-13ATCh-10 P-14ATCh-10 P-15ATCh-10 P-16ATCh-10 P-17ATCh-10 P-18ATCh-10 P-19ATCh-10 P-20ATCh-10 P-21ATCh-10 P-22ATCh-10 P-23ATCh-10 P-24ATCh-10 P-25ATCh-10 P-26ATCh-10 P-27ATCh-10 P-28ATCh-10 P-29ATCh-10 P-30ATCh-10 P-31ATCh-10 P-32ATCh-10 P-33ATCh-10 P-34ATCh-10 P-35ATCh-10 P-36ATCh-10 P-37AT

Finite Mathematics

Intermediate Algebra

Single Variable Calculus

Calculus (MindTap Course List)

Mathematical Applications for the Management, Life, and Social Sciences

Probability and Statistics for Engineering and the Sciences

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Precalculus: Mathematics for Calculus (Standalone Book)

Understanding Basic Statistics

Calculus: Early Transcendental Functions

Single Variable Calculus: Early Transcendentals, Volume I

Elementary Technical Mathematics

Multivariable Calculus

Calculus: An Applied Approach (MindTap Course List)

Mathematical Excursions (MindTap Course List)

Elementary Geometry For College Students, 7e

Statistics for The Behavioral Sciences (MindTap Course List)

Finite Mathematics and Applied Calculus (MindTap Course List)

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

Essentials Of Statistics

Calculus: Early Transcendentals

Single Variable Calculus: Early Transcendentals

Elements Of Modern Algebra

Calculus: Early Transcendental Functions (MindTap Course List)

Calculus of a Single Variable

Trigonometry (MindTap Course List)

Study Guide for Stewart's Multivariable Calculus, 8th

Elementary Geometry for College Students

Finite Mathematics for the Managerial, Life, and Social Sciences

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Research Methods for the Behavioral Sciences (MindTap Course List)

Introduction To Statistics And Data Analysis

Multivariable Calculus

College Algebra (MindTap Course List)

Mathematics For Machine Technology

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Research Methods for the Behavioral Sciences (MindTap Course List)

Calculus (MindTap Course List)

Statistics for Business & Economics, Revised (MindTap Course List)