Chat with AI
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 3
Solve the following word problems. Round to the nearest cent when necessary.
Euro mart Tile Company borrowed $40,000 on April 6 for 66 days. The rate was 14% using the ordinary interest method. On day 25 of the loan, Euro mart made a partial payment of $15,000, and on day 45 of the loan. Euro mart made a second partial payment of $10,000.
a. What was the new maturity value of the loan
b. What was the maturity date of the loan
Euro mart Tile Company borrowed $40,000 on April 6 for 66 days. The rate was 14% using the ordinary interest method. On day 25 of the loan, Euro mart made a partial payment of $15,000, and on day 45 of the loan. Euro mart made a second partial payment of $10,000.
a. What was the new maturity value of the loan
b. What was the maturity date of the loan
Explanation
Verified
Verified
a. Step 1 : Compute the interest from th...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
