   Chapter 10.II, Problem 7TIE ### 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

# 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

### Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

#### The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

#### Expand each expression in Exercises 122. (x+1x)2

Finite Mathematics and Applied Calculus (MindTap Course List)

#### Let f be the function defined by f(x) = 4x 3. Find f(4), f(14), f(0), f(a), and f(a + 1).

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

#### 2. Define the terms population, sample, parameter and statistic.

Statistics for The Behavioral Sciences (MindTap Course List)

#### Evaluate the definite integral. 02(x1)e(x1)2dx

Single Variable Calculus: Early Transcendentals, Volume I

#### The average value of f(x) = 3x2 + 1 on the interval [2, 4] is: a) 29 b) 66 c) 58 d) 36

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

#### In Exercises 110, find the graphical solution to each inequality. 3x+4y2

Finite Mathematics for the Managerial, Life, and Social Sciences

#### True or False: is conservative.

Study Guide for Stewart's Multivariable Calculus, 8th 