Chapter 10.II, Problem 7TIE

### 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

# Telex Electronics borrowed money at 9% interest for 125 days. If the interest charge was $560, use the ordinary interest method to calculate the amount of principal of the loan. To determine To calculate: The amount of principal invested where the ordinary rate of interest is 9%, the time period is 125 days and interest amount is$560.

Explanation

Given Information:

Rate of interest is 9%, time period is 125 days and interest amount is $560. Formula used: Compute the time by use of the ordinary interest method, Time=Number of days of a loan360 The formula to compute the principal amount is, P=IRT Here, 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 the rate of interest is 9%, time period is 125 days and interest amount is$560.

Simplify the rate of interest as,

9%=9100=0

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