Explanation Given Information: Karen borrows $15000 at the rate of interest 9 1 2 % for 250 days. Formula used: The simple interest formula is, Interest = Principle × Rate × Time Or, I = P × R × T Where, I is interest, P is principal, R is rate of interest and T is the time in years. To change the time in the year from the day, following formula used: Time = Number of days of a loan 360 Calculation: Consider the provided information, Karen borrows $15000 at the rate of interest 9 1 2 % for 250 days

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Chapter 10.I, Problem 3TIE

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To calculate: The amount of interest paid by Karen by ordinary interest method, if he borrows $15000 at the rate of 912% for 250 days.

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Chapter 10.I, Problem 2TIE

Chapter 10.I, Problem 4TIE

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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 amount of interest paid by Karen by ordinary interest method, if he borrows $15000 at the rate of 9 1 2 % for 250 days.

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To calculate: The amount of interest paid by Karen by ordinary interest method, if he borrows $15000 at the rate of 912% for 250 days.

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Chapter 10 Solutions