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Sam Peters needs to calculate the effective interest rate of a simple discount note for $3,600,...
The face value of a simple discount note is $4,000. The bank discount is calculated at 12% for 60 days. Use ordinary interest. Calculate: A bank discount B. proceeds C. maturity value D. Effective rate to the nearest hundredth percent
A man has a simple discount note for $6,200, at an ordinary bank discount rate of 8.53%, for 50 days. What is the effective interest rate using the banker's rule?
Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a 8.2% discount rate. Assume the loan is for 270 days. a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds b. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate You were offered the opportunity to purchase either...
Score: 0 of 1 pt 12 of 14 (12 complete) O Discounting Notes-1 (similar to) A man has a simple discount note for $6,600, at an ordinary bank discount rate of 8.61%, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. The offective interest rate is%. (Round to the nearest tenth of a percent as needed.) Enter your answer in the answer box and then click Check Answer. Ciear All All parts...
Please Help: Find the actual interest rate paid, to the nearest tenth, on the simple discount note. $1000; discount rate 7.8%; length of loan 6 mo A) 10.1% B) 9.1% C) 7.1% D) 8.1%
Time Remaining: 00:5345 Submit Quiz his Question: 1 pt 5 of 8 (2 complete) This Quiz: 8 pts possible A man has a simple discount note for $6,100, at an ordinary bank d percent. scount rate o 884% for 40 days. What is the effect e interest ate? Round tote earest tenth of a The effective interest rate is %. (Round to the nearest tenth of a percent as needed.) Enter your answer in the answer box. re to search
You were offered either a simple interest note or a simple discount note with the following terms: $33,264 at 8% for 18 months. Calculate the effective interest rate. (Do not round intermediate calculations. Round your final answer to the nearest tenth percent.) Please help I have been trying to do this problem for an hour and I can't find the correct answer
Please help me with these two problems: 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.
Harper Engine Company needs $634,000 to take a cash discount of 2.50/20, net 120. A banker will loan the money for 100 days at an interest cost of $14,700. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest b. How much would it cost (in percentage terms) if Harper did not take the cash discount...
The face value of both a simple interest and a simple discount note are $6,000. If both notes have interest rates of 8% for 90 days, calculate: a. Amount of interest charged for each type of note. b. Amount each borrower would receive. c. Amount payee would receive at maturity.