Explanation Given Information: Principal invested is $ 7 , 900 , rate of interest is 10.4 % and interest amount is $ 625 . Formula used: The formula to compute the time period of loan (in days) is, T = I P R Where, P is the principal amount, I is the amount of interest, R is the rate of interest, T is the time period. Multiply T by 360 to convert years into months. Calculation: Consider that interest amount is $ 625 , principal invested is $ 7 , 900 , rate of interest is 10.4 % . Simplify the rate of interest as, 10.4 % = 10.4 100 = 0

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 10, Problem 16AT

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To calculate: The time period of loan (in days) where principal invested is $7,900, rate of interest is 10.4% and interest amount is $625. Round the figure to next higher day if required.

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Chapter 10, Problem 15AT

Chapter 10, Problem 17AT

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Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers

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

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The time period of loan (in days) where principal invested is $ 7 , 900 , rate of interest is 10.4 % and interest amount is $ 625 . Round the figure to next higher day if required.

Solution Summary: The author explains the formula used to calculate the time period of loan (in days) where principal invested is 7,900.

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To calculate: The time period of loan (in days) where principal invested is $7,900, rate of interest is 10.4% and interest amount is $625. Round the figure to next higher day if required.

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Chapter 10 Solutions