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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 24
Solve the following word problems. Round to the nearest cent when necessary.
Brandi Lee signed a $30,000 simple discount promissory note at the Signature Bank. The discount rate was 13% ordinary interest, and the note was made on August 9 for 95 days.
a. What proceeds did Brandi receive on the note?
b. What was the maturity date of the note?
c. What was the effective interest rate of the note? Round the answer to the nearest hundredth of a percent.
Brandi Lee signed a $30,000 simple discount promissory note at the Signature Bank. The discount rate was 13% ordinary interest, and the note was made on August 9 for 95 days.
a. What proceeds did Brandi receive on the note?
b. What was the maturity date of the note?
c. What was the effective interest rate of the note? Round the answer to the nearest hundredth of a percent.
Explanation
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a. First find the bank discount of the s...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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