   Chapter 10.II, Problem 5RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Compute the principal for the following loans. Use ordinary interest when time is stated in days.Principal Rate (%) Time Interest_____________________________________________________________________ 5 210 days $917 To determine To calculate: The amount of principal invested where rate of interest is 5%, time period is 210 days and interest amount is$917 by using ordinary interest for the number of days.

Explanation

Given Information:

Rate of interest is 5%, time-period is 210 days and the amount of interest is $917. Formula used: Compute the time using the ordinary interest method, Time=Number of days of a loan360 The formula to compute the principal amount is, P=IRT Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time period. Calculation: Consider that rate of interest is 5%, time period is 210 days and amount of interest is$917.

Evaluate the time using ordinary interest method as,

Time=Number of days of a loan360=

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