This topic contains a solution. Click here to go to the answer

Author Question: The face value of a note is 10,000 with an interest rate of 8.5. The time is based on 180 days in a ... (Read 72 times)

penza

  • Hero Member
  • *****
  • Posts: 1,022
The face value of a note is 10,000 with an interest rate of 8.5. The time is based on 180 days in a 360-day year. The note has been discounted at 14 three months before the maturity of the note. How much are the proceeds?

Question 2

What is the interest rate on a 2-year loan for 5,500 which accrues 1,430 in ordinary simple interest? Round to the nearest whole percent.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

BAOCHAU2803

  • Sr. Member
  • ****
  • Posts: 316
Answer to Question 1

10,060.12;

Answer to Question 2

13;




penza

  • Member
  • Posts: 1,022
Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)


LVPMS

  • Member
  • Posts: 323
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

Blood is approximately twice as thick as water because of the cells and other components found in it.

Did you know?

By definition, when a medication is administered intravenously, its bioavailability is 100%.

Did you know?

Patients who have undergone chemotherapy for the treatment of cancer often complain of a lack of mental focus; memory loss; and a general diminution in abilities such as multitasking, attention span, and general mental agility.

For a complete list of videos, visit our video library