Author Question: Malika borrowed 12,900 at an ordinary simple interest rate of 9 for 120 days. If she took the loan ... (Read 256 times)

jjjetplane · **on:** Jun 24, 2018

Malika borrowed 12,900 at an ordinary simple interest rate of 9 for 120 days. If she took the loan out on June 2, what is the due date? Assume a nonleap year.
A) October 2
B) September 30
C) September 1
D) August 31

Question 2

The face value on a loan is 8,000, the interest is 10, and the time is 5 months based on a 360-day year. The bank discounted the note at 12 two months before the maturity of the loan. What is the bank discount?
A) 686.67
B) 333.33
C) 267.14
D) 166.67