Explanation Given Information: Consider table 11-1 sequential numbers for dates of the year is provided, Sara can buy the washer and dryer any time during the first 90 days by paying the purchase price of $699 plus the 8.25% sales tax. Further, on longer wait, she would have to pay the purchase price, plus sales tax, plus 26.8% annual simple interest for the first 90 days, plus 3% simple interest per month on the unpaid balance after 90 days. Formula used: To find the due date of a loan given the beginning day and the time period in days, follow the below steps: 1. Add the sequential number of the beginning date to the number of days in the time period. 2. If the sum is less than or equal to 365, find the date from Table 11-1 corresponding to the sum. 3. If the sum is more than 365, subtract 365 from the sum. Then, find the date from Table 11-1 in the following year corresponding to the difference. 4. Adjust for February 29 in a leap year if appropriate by subtracting 1day from the result in step 2 or 3. The total amount of money due at the end of a loan period, that is, the amount of the loan and the interest, is called the maturity value of the loan. It is given by adding the principal and the interest. Interest = ( PRT 100 ) Also, Amount = Interest + principal Calculation: Consider table 11-1 is provided, Sequential no. for the date 15 th December and also date corresponding to sequential no. 74 is required, The sequential no. for 15 th December is 349 and date corresponding to 74 sequential no. is 15 th march, It is required to find the Sara’s payoff amount if her IRS refund does not come on April 1. First, find the deadline for paying no interest in a non-leap year. Here the beginning date is December 15 and the loan period is 90-days. To find the deadline or due date for a 90-day loan made on December 15, first add the sequential number of the beginning date to the number of days in the time period. From table 11-1, note that the beginning date’s sequential number is 349. Add this number to 90 to get, 90 + 349 = 439 Observe that the sum is more than 365. So, the due date will fall in the following year. Subtract 365 from 439 as shown below: 439 − 365 = 74 Now, find the date from Table 11-1 corresponding to the difference 74

11th Edition

ISBN: 8220103633802

Author: NOBLE

Publisher: RENT PEARS

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Chapter 11, Problem 3CS1

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To calculate: Sara’s payoff amount if her IRS refund does not come on April 1.

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