Explanation Given Information: Principal invested is $ 7 , 900 , rate of interest is 10.4 % and amount of interest is $ 228 . 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 $ 228 , principal invested is $ 7 , 900 , rate of interest is 10.4 % . Simplify the rate of interest as, 10.4 % = 10.4 100 = 0.104 As, T = I P R Compute time period by substituting $ 228 for amount of interest, $ 7 , 900 for principal and 0

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305886803

Author: Brechner

Publisher: Cengage

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Chapter 10.II, Problem 16RE

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To calculate: The time period of loan using the ordinary interest method where principal invested is $7,900, rate of interest is 10.4% and interest amount is $228. Round the answer to next higher day if required.

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Chapter 10.II, Problem 15RE

Chapter 10.II, Problem 17RE

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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 time period of loan using the ordinary interest method where principal invested is $ 7 , 900 , rate of interest is 10.4 % and interest amount is $ 228 . 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 $7,900, rate of interest is 10.4% and interest amount is $228. Round the answer to next higher day if required.

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Chapter 10 Solutions