Explanation Loan date is the date on which the money is given by the lender to the borrower. Due date is the date on which the money is returned by the borrower to the lender. Steps for determining maturity date of a loan are: Step 1 : Calculate the number of days that are left in the month loan is taken by subtracting the loan date from the number of days in the month. Step 2 : Subtract the number of days remaining in the first month from the total duration of loan. Step 3 : Keep on subtracting the days from consequent months until the maturity date corresponds to the difference. For example: Consider that loan date is 27 April and time of loan is 158 days. Calculate the number of days that are left in the month when the loan was taken by subtracting the loan date from the number of days in the month as: Number of days left = Total days in

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 7CR

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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 blank given in the statement “The first day of a loan is known as the _______ date; the last date of the loan is known as the _______ date.”

Solution Summary: The author explains that the first day of a loan is known as the loan date, while the last date is the due date.

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To fill: The blank given in the statement “The first day of a loan is known as the _______ date; the last date of the loan is known as the _______ date.”

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The blank given in the statement “The first day of a loan is known as the _ date; the last date of the loan is known as the _ date.”

To fill: The blank given in the statement “The first day of a loan is known as the _ date; the last date of the loan is known as the _ date.”