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Author Question: Malika borrowed 12,900 at an ordinary simple interest rate of 9 for 120 days. If she took the loan ... (Read 218 times)

jjjetplane

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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


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SVictor

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

B

Answer to Question 2

D


jjjetplane

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Reply 2 on: Jun 24, 2018
YES! Correct, THANKS for helping me on my review

zacnyjessica

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Reply 3 on: Yesterday
Excellent

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