Explanation Given Information: Principal amount of loan is $ 1 , 700 , rate of interest is 12 1 2 % and time period is 33 days. Formula used: Compute the time using the exact interest method, Time = Number of days of a loan 365 The formula to compute the amount of interest is, I = P R T Where, I is the amount of interest, P is the principal amount, R is the rate of interest, T is the time period. Calculation: Consider that principal amount of loan is $ 1 , 700 , rate of interest is 12 1 2 % and time period is 33 days. Simplify the rate of interest as, 12 1 2 % = 25 2 % = 12.5 % = 12

Contemporary Mathematics For Business & Consumers, Brief Edition, Loose-leaf Version

8th Edition

ISBN: 9781305867192

Author: Robert Brechner, Geroge Bergeman

Publisher: South-Western College Pub

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Chapter 10, Problem 2AT

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To calculate: The amount of exact interest where principal amount is $1,700, rate of interest is 1212% and time period is 33 days.

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Chapter 10 Solutions

Contemporary Mathematics For Business & Consumers, Brief Edition, Loose-leaf Version

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 exact interest where principal amount is $ 1 , 700 , rate of interest is 12 1 2 % and time period is 33 days.

Solution Summary: The author calculates the exact interest by substituting 1,700 for principal, 0.125 for rate of interest, and

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To calculate: The amount of exact interest where principal amount is $1,700, rate of interest is 1212% and time period is 33 days.

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Chapter 10 Solutions