Use the ordinary interest method to compute the time (in years) for the loan. Round your answer up to the next highest year when necessary. Principal Rate (%) Time Interest $25,000 8.1  __years $8,100

Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
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1.Use the ordinary interest method to compute the time (in years) for the loan. Round your answer up to the next highest year when necessary.
Principal Rate (%) Time Interest
$25,000 8.1  __years $8,100
 
2.Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary.
Principal
(in $)
Rate
(%)
Time
(days)
Interest
Method
Interest Maturity
Value
10.3  days Exact $3,000 $48,000

 

3.Steve Perry borrowed $40,000 at 12% ordinary interest for 60 days. On day 20 of the loan, Steve made a partial payment of $8,000. What is the new maturity value (in $) of the loan? (Round your answer to two decimal places.)

$ ____
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