a man has a simple discount note for $6300, at ordinary bank discount rate of 8.72%,...
Homework Answers
Answer- The effective interest rate = 1.5%.
Explanation- Interest amount = [($6300*8.72%)*60/360]
= ($549.36*60 days/360 days)
= $91.56
Effective interest rate = ($91.56/$6300)*100
= 1.5%
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