The face value of a note is 10,000 with an interest rate of 8.5. ...

[penza]

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.

[BAOCHAU2803]

Answer to Question 1

10,060.12;

Answer to Question 2

13;

[penza]

Excellent

[miss.ashley]

Thanks for the timely response, appreciate it