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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 181
Solve following application problems. Round rate to the nearest tenth of a percent, time to the nearest day, and money to the nearest cent.
POOR CREDIT Cathy Cox has poor credit but she found a bank that will lend her $4200 when she uses some collateral. Still, the bank charges a 12% discount rate. Find (a) the proceeds if the note is for 10 months _____________and (b) the effective interest rate charged by the bank. _____________
POOR CREDIT Cathy Cox has poor credit but she found a bank that will lend her $4200 when she uses some collateral. Still, the bank charges a 12% discount rate. Find (a) the proceeds if the note is for 10 months _____________and (b) the effective interest rate charged by the bank. _____________
Explanation
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The following information is given, 
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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