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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 8
Solve following application problems. Round rate to the nearest tenth of a percent, time to the nearest day, and money to the nearest cent.
BAD CREDIT HISTORY Tim Garcia has a bad credit history partly due to a divorce. The bank agrees to lend him funds based on a note with a face value of $9400, but it requires him to use his truck as collateral. Even then, the bank charges him a high 16% discount rate. Find (a) the proceeds _____________and (b) the effective rate if the note is for 7 months. _____________
BAD CREDIT HISTORY Tim Garcia has a bad credit history partly due to a divorce. The bank agrees to lend him funds based on a note with a face value of $9400, but it requires him to use his truck as collateral. Even then, the bank charges him a high 16% discount rate. Find (a) the proceeds _____________and (b) the effective rate if the note is for 7 months. _____________
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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