Explanation Interest refers to the amount paid by the borrower of the funds to the lender. Interest is paid by the borrower regularly over the period of time above the principal repayment. In this, a person uses another person’s money in its business and pay interest on the same amount. The formula to compute the interest is Interest = Principal × Rate × Time . Consider an example: The principal amount of loan is $ 5 , 000 , the rate of interest is 8 % and the time period is 2 years. Compute the interest by substituting $ 5 , 000 for principal, 0.08 for the rate of interest and 2 for time in the formula Interest = Principal × Rate × Time . Interest = Principal × Rate × Time = 5,000 × 0 .08 × 2 = $800 Hence, the amount of interest is $ 800 . Principal refers to the amount that is borrowed by the borrower. Consider an example: The rate of interest is 12 % , the time period is 2 years and interest amount is $ 300

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

8th Edition

ISBN: 9781337125468

Author: Brechner

Publisher: Cengage

See similar textbooks

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

Videos

Question

Chapter 10, Problem 10CR

To determine

To fill: The blanks given in the statement “The U.S. rule states that when a partial payment is made on a loan, the payment is first used to pay off the accumulated to date and the balance is used to reduce the___________.”

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 10, Problem 9CR

Chapter 10, Problem 11CR

Students have asked these similar questions

ma Classes Term. Spring 2025 Title Details Credit Hours CRN Schedule Type Grade Mode Level Date Status Message *MATHEMATICS FOR MANAGEME... MTH 245, 400 4 54835 Online Normal Grading Mode Ecampus Undergradu... 03/21/2025 Registered **Web Registered... *SOIL SCIENCE CSS 205, 400 0 52298 Online Normal Grading Mode Undergraduate 03/21/2025 Waitlisted Waitlist03/21/2025 PLANT PATHOLOGY BOT 451, 400 4 56960 Online Normal Grading Mode Undergraduate 03/21/2025 Registered **Web Registered... Records: 3 Schedule Schedule Details

Here is an augmented matrix for a system of equations (three equations and three variables). Let the variables used be x, y, and z: 1 2 4 6 0 1 -1 3 0 0 1 4 Note: that this matrix is already in row echelon form. Your goal is to use this row echelon form to revert back to the equations that this represents, and then to ultimately solve the system of equations by finding x, y and z. Input your answer as a coordinate point: (x,y,z) with no spaces.

1 3 -4 In the following matrix perform the operation 2R1 + R2 → R2. -2 -1 6 After you have completed this, what numeric value is in the a22 position?

Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

Ch. 10.I - Find the amount of interest on each of the...Ch. 10.I - Joe Hale goes to a credit union and borrows...Ch. 10.I - Prob. 3TIE Ch. 10.I - Prob. 4TIE Ch. 10.I - a. A loan was made on April 4 and had a due date...Ch. 10.I - a. What is the maturity date of a loan taken out...Ch. 10.I - Prob. 1RE Ch. 10.I - Prob. 2RE Ch. 10.I - Prob. 3RE Ch. 10.I - Prob. 4RE

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.