Explanation Given Information: A loan of $1,350 at 6.5% annual interest rate is made on March 3 and due on September 3. Formula used: The exact time is the time that is based on a counting the exact number of days in a given time period. To find the exact time of the loan by the use of the sequential numbers table, follow the below steps: 1. If the beginning and the due dates of the loan falls within the same year then subtract the sequential number of beginning date from the sequential number due date. 2. If the beginning and the due dates of the loan do not fall within the same year. (a) Then subtract the sequential number of beginning date from 365. (b) And then add the sequential number of the due date to the difference from step 2(a). 3. If February 29 is between the beginning and due dates, add 1 to the difference from step 1 or the sum from step 2(b). The simple interest denoted by I is given by the formula I = P R T , where P represents the principal, R represents the rate and T represents the time. Calculation: It is required to find the ordinary interest on a loan of $1,350 at 6.5% annual interest rate that is made on March 3 and due on September 3. First, find the exact time. Note that the exact time is the time that is based on counting the exact number of days in a given time period. Here the beginning date is March 3 and the due date is September 3 which falls within the same year. To find the exact time of a loan by the use of the sequential numbers table, subtract the sequential number of beginning date from the sequential number of due date. From table 11-1, note that the beginning date’s sequential number is 62 and the due date’s sequential number is 246. So, the exact time of a loan is 246 − 62 = 184

11th Edition

ISBN: 9780134496436

Author: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

Publisher: PEARSON

See similar textbooks

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

Videos

Question

Chapter 11.2, Problem 3-1SC

To determine

To calculate: The ordinary interest on a loan of $1,350 at 6.5% annual interest rate such that the loan is made on March 3 and due on September 3.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 11.2, Problem 2-4SC

Chapter 11.2, Problem 3-2SC

Students have asked these similar questions

No chatgpt pls will upvote

(7) (12 points) Let F(x, y, z) = (y, x+z cos yz, y cos yz). Ꮖ (a) (4 points) Show that V x F = 0. (b) (4 points) Find a potential f for the vector field F. (c) (4 points) Let S be a surface in R3 for which the Stokes' Theorem is valid. Use Stokes' Theorem to calculate the line integral Jos F.ds; as denotes the boundary of S. Explain your answer.

(3) (16 points) Consider z = uv, u = x+y, v=x-y. (a) (4 points) Express z in the form z = fog where g: R² R² and f: R² → R. (b) (4 points) Use the chain rule to calculate Vz = (2, 2). Show all intermediate steps otherwise no credit. (c) (4 points) Let S be the surface parametrized by T(x, y) = (x, y, ƒ (g(x, y)) (x, y) = R². Give a parametric description of the tangent plane to S at the point p = T(x, y). (d) (4 points) Calculate the second Taylor polynomial Q(x, y) (i.e. the quadratic approximation) of F = (fog) at a point (a, b). Verify that Q(x,y) F(a+x,b+y). =

Chapter 11 Solutions

Business Math (11th Edition)

Ch. 11.1 - Prob. 1-1SC Ch. 11.1 - Prob. 1-2SC Ch. 11.1 - Prob. 1-3SC Ch. 11.1 - Prob. 1-4SC Ch. 11.1 - Prob. 2-1SC Ch. 11.1 - Prob. 2-2SC Ch. 11.1 - Prob. 2-3SC Ch. 11.1 - Prob. 2-4SC Ch. 11.1 - Prob. 3-1SC Ch. 11.1 - Prob. 3-2SC

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.