Explanation Given Information: The loan date is April 27 and time of loan is 158 days. 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: Subtract the remaining days obtained in step 1 (in the first month) from the number of days of the loan. Step 3: Continue subtracting days in each succeeding whole month until the stage is reached when the month with a difference less than the total days in that month. Now, the maturity date will be the day that corresponds to the difference. Calculation: Step 1: The remaining days in the first month; Days remaining in April = Days in April − Loan date April 27 = 30 days − 27 days = 3 days Step 2: Subtract remaining days in first month from the days of a loan; Days of the loan 158 days Days remaining in January − 3 days _ Difference 155 days Step 3: Subtract succeeding whole months; Difference 155 days Days remaining in May − 31 days _ Difference 124 days And, Difference 124 days Days remaining in June

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 10.I, Problem 41RE

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To calculate: The maturity date for a loan, if loan date is April 27 and time of loan is 158 days.

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Chapter 10.I, Problem 40RE

Chapter 10.I, Problem 42RE

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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 maturity date for a loan, if loan date is April 27 and time of loan is 158 days.

Solution Summary: The author calculates the maturity date for a loan, if loan date is April 27 and time of loan is 158 days.

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To calculate: The maturity date for a loan, if loan date is April 27 and time of loan is 158 days.

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Chapter 10 Solutions