This topic contains a solution. Click here to go to the answer
« previous next »

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 178 times)

joblessjake

  • Hero Member
  • *****
  • Posts: 555
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

pratush dev

  • Sr. Member
  • ****
  • Posts: 321
Reply #1 on: Jun 24, 2018
Answer to Question 1

3,008.87;

Answer to Question 2

240.46;


joblessjake

  • Member
  • Posts: 555
Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)

mcarey591

  • Member
  • Posts: 365
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Addicts to opiates often avoid treatment because they are afraid of withdrawal. Though unpleasant, with proper management, withdrawal is rarely fatal and passes relatively quickly.

Did you know?

Alcohol acts as a diuretic. Eight ounces of water is needed to metabolize just 1 ounce of alcohol.

Did you know?

Your skin wrinkles if you stay in the bathtub a long time because the outermost layer of skin (which consists of dead keratin) swells when it absorbs water. It is tightly attached to the skin below it, so it compensates for the increased area by wrinkling. This happens to the hands and feet because they have the thickest layer of dead keratin cells.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

Disorders that may affect pharmacodynamics include genetic mutations, malnutrition, thyrotoxicosis, myasthenia gravis, Parkinson's disease, and certain forms of insulin-resistant diabetes mellitus.

Using a water-based cleaning system helps reduce the hazards from using strong chemicals. Using a water-based cleaning system helps reduce the hazards from using strong chemicals.
Advection of an air mass with a different ELR (environmental lapse rate). Advection of an air mass with a different ELR (environmental lapse rate).
Total Fertility Rate in the United States, 1860–2008 Total Fertility Rate in the United States, 1860–2008
Top Eleven Countries in Year 2009 According to Three Different Measures Top Eleven Countries in Year 2009 According to Three Different Measures
A $50 000 bond bearing interest at 5.5% payable semi-annually is redeemable at par on August ... A $50 000 bond bearing interest at 5.5% payable semi-annually is redeemable at par on August ...
The TaqMan approach to quantitative real-time PCR (qPCR) The TaqMan approach to quantitative real-time PCR (qPCR)
Video: Primary Active Transport - electrochemical gradient and ion transport / water movement

For a complete list of videos, visit our video library