Explanation Given Information: The loan of $ 60000 is taken at the rate of interest, 6 3 4 % per annum for the time period of 9 months. Formula Used: The simple interest formula is I = P × R × T , where T is the time period in years. Calculation: Consider the data provided as the loan of $ 60000 is taken at the rate of interest of 6 3 4 % per annum for the time period of 9 months. When the time period is mentioned in months then to convert it into year just divide that month by 12

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 10.I, Problem 2RE

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To calculate: The interest for the loan of $60000 over a period of 9 months at a rate of interest of 634% per annum.

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Chapter 10.I, Problem 1RE

Chapter 10.I, Problem 3RE

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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

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The interest for the loan of $ 60000 over a period of 9 months at a rate of interest of 6 3 4 % per annum.

Solution Summary: The author calculates the interest rate for the loan of 60000 over a period of 9 months at 634% per annum.

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To calculate: The interest for the loan of $60000 over a period of 9 months at a rate of interest of 634% per annum.

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Chapter 10 Solutions