Question

# Please help me with these two problems: Find the actual interest paid, to the nearest tenth, on the simple discount note

Find the actual interest paid, to the nearest tenth, on the simple discount note.
\$27,000; discount rate 7%; length of loan 3 mo.
\$50,000; discount rate 8%; length of loan 6 mo.

1) 21000*.07*.25=\$472.50 2) 50000*.08*.5=\$2000.00

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