Short Answer
Juan-Solez, a prominent painter, takes out a simple discount note for one year from River National Bank for $5,000. The annual rate of interest is 8%. What is the amount of:
A. Bank discount
B. Proceeds
C. Effective rate of interest (to nearest tenth percent)
Correct Answer:
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A. $5,000 × .08 × 1 ...View Answer
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Correct Answer:
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