Explanation Given Information: Principal invested is $ 15 , 000 , rate of interest is 9.5 % and interest amount is $ 650 . Formula used: Formula for the time period of loan is, T = I P R Here, 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 convert years into days. Calculation: Consider that interest amount is $ 650 , principal invested is $ 15 , 000 , rate of interest is 9.5 % . Simplify the rate of interest as, 9.5 % = 9.5 100 = 0.095 Compute the time period by substituting $ 650 for amount of interest, $ 15 , 000 for principal and 0

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

8th Edition

ISBN: 9781337125468

Author: Brechner

Publisher: Cengage

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Chapter 10.II, Problem 9TIE

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To calculate: The time period of loan where principal invested is $15,000, ordinary rate of interest is 9.5% and interest amount is $650. Round the figure to next higher day if required.

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Chapter 10.II, Problem 8TIE

Chapter 10.II, Problem 10TIE

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Chapter 10 Solutions

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

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 where principal invested is $ 15 , 000 , ordinary rate of interest is 9.5 % and interest amount is $ 650 . Round the figure to next higher day if required.

Solution Summary: The author calculates the time period of loan where principal invested is 15,000 and rate of interest is 9.5%.

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To calculate: The time period of loan where principal invested is $15,000, ordinary rate of interest is 9.5% and interest amount is $650. Round the figure to next higher day if required.

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Chapter 10 Solutions