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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 43 times)

penza

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on: Jun 24, 2018
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.


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BAOCHAU2803

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

10,060.12;

Answer to Question 2

13;


penza

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

coreycathey

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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