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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 13
Solve the following word problems. Round to the nearest cent when necessary.
Euromart 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, Euromart made a partial payment of $15,000, and on day 45 of the loan, Euromart 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?
Euromart 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, Euromart made a partial payment of $15,000, and on day 45 of the loan, Euromart 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
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a. Step 1 : Compute the interest from th...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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