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Author Question: Kelly borrowed 3,000 with an interest rate of 7.2. The time is based on 90 days in a 360-day year ... (Read 191 times)

joblessjake

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on: Jun 24, 2018
Kelly borrowed 3,000 with an interest rate of 7.2. The time is based on 90 days in a 360-day year and the loan was taken out on August 19. The note has been discounted 14 on October 10. What are the proceeds?

Question 2

The face value on a loan is 11,289, the interest is 6.5, and the time is 7 months. The bank discounted the note at 12 two months before the maturity of the loan. What is the bank discount?


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pratush dev

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Reply #1 on: Jun 24, 2018
Answer to Question 1

3,008.87;

Answer to Question 2

240.46;


joblessjake

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Reply 2 on: Jun 24, 2018
Thanks for the timely response, appreciate it

carlsona147

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Reply 3 on: Yesterday
Excellent

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