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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 75
Use the ordinary interest method, 360 days, to solve the following word problems. Round to the nearest cent when necessary.
Chris Gill signed a $10,000 simple discount promissory note at a bank discount rate of 13%. If the term of the note was 125 days, what was the effective interest rate of the note? Round your answer to the nearest hundredth of a percent.
Chris Gill signed a $10,000 simple discount promissory note at a bank discount rate of 13%. If the term of the note was 125 days, what was the effective interest rate of the note? Round your answer to the nearest hundredth of a percent.
Explanation
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Step 1: First find the bank discount of ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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