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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 106
Solve the following word problems. Round answers to the nearest cent when necessary.
The Mutt Hut Pet Shop borrowed $60,000 on March 15 for 90 days. The rate was 13% using the ordinary interest method. On day 25 of the loan, The Mutt Hut made a partial payment of $16,000, and on day 55 of the loan, The Mutt Hut made a second partial payment of $12,000.
a. What is the new maturity value of the loan?
b. What is the maturity date of the loan?
The Mutt Hut Pet Shop borrowed $60,000 on March 15 for 90 days. The rate was 13% using the ordinary interest method. On day 25 of the loan, The Mutt Hut made a partial payment of $16,000, and on day 55 of the loan, The Mutt Hut made a second partial payment of $12,000.
a. What is the new maturity value of the loan?
b. What is the maturity date of the loan?
Explanation
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a. Step 1 : Calculate the interest from ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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