The consumer loan division of a major bank wants to determine the size of the staff it would need to process up to 205 loan applications per day. It estimated that each loan officer can process a loan application in approximately 15 minutes. If the utilization of a loan officer is 0.70 (70 percent) and each loan officer works six hours each day, how many loan officers would be needed to handle that volume of business? Round your answer up to the nearest whole number. loan officers

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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The consumer loan division of a major bank wants to determine the size of the staff it would need to process up to 205 loan applications per day. It estimated that each
loan officer can process a loan application in approximately 15 minutes. If the utilization of a loan officer is 0.70 (70 percent) and each loan officer works six hours each
day, how many loan officers would be needed to handle that volume of business? Round your answer up to the nearest whole number.
loan officers
Transcribed Image Text:The consumer loan division of a major bank wants to determine the size of the staff it would need to process up to 205 loan applications per day. It estimated that each loan officer can process a loan application in approximately 15 minutes. If the utilization of a loan officer is 0.70 (70 percent) and each loan officer works six hours each day, how many loan officers would be needed to handle that volume of business? Round your answer up to the nearest whole number. loan officers
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