Explanation Given Information: The loan date is March 9 and due date is July 30. Formula used: Steps for determining the number of days of a loan: Step 1: First determine the number of days left in the first month. Step 2: Find the number of days for each succeeding month. Step 3: Now, find the number of days for the loan in the last month. Step 4: Add the days from Steps 1, 2, and 3. Calculation: The number of days from March 9 to July 30 would be computed as; Step 1: Days remaining in the first month; March 31 March − 09 _ 22 Step 2: Days in succeeding whole months;

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 10.I, Problem 32RE

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To calculate: The number of days for a loan amount, if loan date is March 9 and due date is July 30.

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Chapter 10.I, Problem 31RE

Chapter 10.I, Problem 33RE

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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 number of days for a loan amount, if loan date is March 9 and due date is July 30.

Solution Summary: The author explains the formula used to calculate the number of days for a loan amount.

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To calculate: The number of days for a loan amount, if loan date is March 9 and due date is July 30.

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Chapter 10 Solutions