Explanation Given Information: Principal invested is $ 54 , 000 , time period is 72 days and amount of interest is $ 732 . Formula used: Compute the time using the ordinary interest method, Time = Number of days of a loan 360 The formula to compute the rate of interest is, R = I P T Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time period. Calculation: Consider that interest amount is $ 732 , principal invested is $ 54 , 000 , time period is 72 days

Contemporary Mathematics For Business & Consumers, Loose-leaf Version

8th Edition

ISBN: 9781305867185

Author: Robert Brechner, Geroge Bergeman

Publisher: South-Western College Pub

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Chapter 10.II, Problem 11RE

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To calculate: The rate of interest where principal invested is $54,000, time period is 72 days and interest amount is $732 by using ordinary interest for the number of days. Round the answer to nearest tenth of a percent.

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Chapter 10.II, Problem 10RE

Chapter 10.II, Problem 12RE

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Chapter 10 Solutions

Contemporary Mathematics For Business & Consumers, 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 rate of interest where principal invested is $ 54 , 000 , time period is 72 days and interest amount is $ 732 by using ordinary interest for the number of days. Round the answer to nearest tenth of a percent.

Solution Summary: The author calculates the rate of interest by using the ordinary interest method.

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To calculate: The rate of interest where principal invested is $54,000, time period is 72 days and interest amount is $732 by using ordinary interest for the number of days. Round the answer to nearest tenth of a percent.

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Chapter 10 Solutions