Explanation Interest refers to the amount paid by the borrower of the funds to the lender. Interest is paid by the borrower regularly over the period of time above the principal repayment. In this, a person uses another person’s money in its business and pay interest on the same amount. The formula to compute the interest is Interest = Principal × Rate × Time . In order to calculate the principal, the formula for simple interest is re arranged as shown below. Principal = Interest Rate × Time It can be seen from the above formula that when the principal is calculated using the simple interest formula, the interest is always set in the numerator column

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 9CR

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To fill: The blank given in the statement “When solving the simple interest formula for principal, rate or time, the ________ is always the numerator.”

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Chapter 10, Problem 8CR

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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 blank given in the statement “When solving the simple interest formula for principal, rate or time, the ________ is always the numerator.”

Solution Summary: The author explains that when solving the simple interest formula for principal, rate or time, the interest is always the numerator.

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To fill: The blank given in the statement “When solving the simple interest formula for principal, rate or time, the ________ is always the numerator.”

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Chapter 10 Solutions