Explanation Given Information: Principal invested is $ 13 , 000 , the rate of interest is 14 % and interest amount is $ 960 . Formula used: The formula to compute the time period of the loan (in days) is, T = I P R × 360 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. The formula to calculate Maturity value is, M V = P + I Where, MV is Maturity value, P is the Principal Amount, I is the amount of interest. Calculation: Consider that interest amount is $ 960 , principal invested is $ 13 , 000 , the rate of interest is 14 % . Simplify the rate of interest as 14 % = 14 100 = 0.14 Substitute $ 960 for the amount of interest, $ 13 , 000 for principal and 0.14 for the rate of interest in the formula T = I P R × 360 to compute the time period (in days)

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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 17AT

To determine

To calculate: The time period of the loan (in days) and maturity value where the principal invested is $13,000, the ordinary rate of interest is 14% and interest amount is $960. Round the figure to next higher day if required.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 10, Problem 16AT

Chapter 10, Problem 18AT

Students have asked these similar questions

The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c Overhead Costs Billable Hours345000 3000385000 4000410000 5000462000 6000530000 7000545000 8000

Using the accompanying Home Market Value data and associated regression line, Market ValueMarket Valueequals=$28,416plus+$37.066×Square Feet, compute the errors associated with each observation using the formula e Subscript ieiequals=Upper Y Subscript iYiminus−ModifyingAbove Upper Y with caret Subscript iYi and construct a frequency distribution and histogram. Square Feet Market Value1813 911001916 1043001842 934001814 909001836 1020002030 1085001731 877001852 960001793 893001665 884001852 1009001619 967001690 876002370 1139002373 1131001666 875002122 1161001619 946001729 863001667 871001522 833001484 798001589 814001600 871001484 825001483 787001522 877001703 942001485 820001468 881001519 882001518 885001483 765001522 844001668 909001587 810001782 912001483 812001519 1007001522 872001684 966001581 86200

Patterns in Floor Tiling A square floor is to be tiled with square tiles as shown. There are blue tiles on the main diagonals and red tiles everywhere else. In all cases, both blue and red tiles must be used. and the two diagonals must have a common blue tile at the center of the floor. If 81 blue tiles will be used, how many red tiles will be needed?

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

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.

The time period of the loan (in days) and maturity value where the principal invested is $ 13 , 000 , the ordinary rate of interest is 14 % and interest amount is $ 960 . Round the figure to next higher day if required.

Solution Summary: The author calculates the time period of the loan (in days) and maturity value. The formula to calculate the Maturity value is MV=P+I.

Concept explainers

Videos

To calculate: The time period of the loan (in days) and maturity value where the principal invested is $13,000, the ordinary rate of interest is 14% and interest amount is $960. Round the figure to next higher day if required.

Want to see the full answer?

Chapter 10 Solutions