Explanation Given Information: The rate of interest is 12.2 % , the time period is 133 days and interest amount is $ 1 , 790 . Formula used: The formula to compute the principal amount is, P = I R T Where, P is the principal amount, I is the amount of interest, R is the rate of interest, T is the time period. Divide T by 365 to convert days into years. 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 rate of interest is 12.2 % , the time period is 133 days and interest amount is $ 1 , 790 Simplify the rate of interest as 12.2 % = 12.2 100 = 0.122 Substitute $ 1 , 790 for the amount of interest, 0.122 for the rate of interest and 133 365 for a time in the formula P = I R T to calculate the principal amount

Contemporary Mathematics for Business and Consumers

7th Edition

ISBN: 9781285189758

Author: Robert Brechner, George Bergeman

Publisher: Cengage Learning

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Chapter 10, Problem 18AT

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To calculate: The amount of principal and maturity value invested where the exact rate of interest is 12.2%, the time period is 133 days and interest amount is $1,790.

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Chapter 10, Problem 17AT

Chapter 10, Problem 19AT

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Chapter 10 Solutions

Contemporary Mathematics for Business and 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 amount of principal and maturity value invested where the exact rate of interest is 12.2 % , the time period is 133 days and interest amount is $ 1 , 790 .

Solution Summary: The author calculates the amount of principal and maturity value invested where the rate of interest is 12.2% and the time period is 133 days.

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To calculate: The amount of principal and maturity value invested where the exact rate of interest is 12.2%, the time period is 133 days and interest amount is $1,790.

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Chapter 10 Solutions