Explanation Given Information: Principal invested is $ 18 , 000 , rate of interest is 12 % and interest amount is $ 948 . Formula used: The formula to compute the time period of loan is, T = I P R Where, P is the principal amount, I is the amount of interest, R is the rate of interest and T is the time period. Multiply T by 360 to compute the time period of loan in days. Calculation: Consider that interest amount is $ 948 , principal invested is $ 18 , 000 , rate of interest is 12 % . As, T = I P R Compute the time substituting $ 948 for amount of interest, $ 18 , 000 for principal and 0

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 15RE

To determine

To calculate: The time period of loan using the ordinary interest method where principal invested is $18,000, rate of interest is 12% and interest amount is $948. Round the answer to next higher day if required.

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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 time period of loan using the ordinary interest method where principal invested is $ 18 , 000 , rate of interest is 12 % and interest amount is $ 948 . Round the answer to next higher day if required.

Solution Summary: The author explains the formula used to calculate the time period of loan using the ordinary interest method.

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To calculate: The time period of loan using the ordinary interest method where principal invested is $18,000, rate of interest is 12% and interest amount is $948. Round the answer to next higher day if required.

Chapter 10 Solutions